BitMEX co-founder Arthur Hayes has highlighted the structural pressures in Japan's financial system, as evidenced by the weakening yen and rising Japanese government bond (JGB) yields. Hayes suggests that this situation might prompt the U.S. Treasury and the Federal Reserve, via the New York Fed, to intervene in the forex and bond markets. Hayes theorizes that the New York Fed could sell dollars and buy yen, using the yen to purchase JGBs, thereby lowering JGB yields and stabilizing the yen. This intervention could effectively expand the Fed's balance sheet and release liquidity, potentially supporting risk assets like Bitcoin. However, Hayes cautions that any yen appreciation must remain moderate to avoid deleveraging risks associated with yen-denominated financing.