BitMEX co-founder Arthur Hayes stated that potential Japanese government intervention in the forex market could be highly bullish for Bitcoin. Hayes explained that if the U.S. Federal Reserve expands its balance sheet to create bank reserves and sells dollars to buy yen, it would indirectly intervene in the exchange rate. This action would lead to an increase in the 'foreign currency denominated assets' on the Fed's balance sheet, which can be verified through the weekly H.4.1 report.