Arthur Hayes published an essay titled "Atencion" arguing that the EURJPY exchange rate is his primary macro indicator for tracking whether fiat liquidity injection is accelerating or slowing. He said a decline in EURJPY would signal a new phase of global money printing and guide how he positions his portfolio long or flat. The essay frames EURJPY as Hayes' current "macro North Star" and says he focuses on a small number of market prices rather than broad monitoring. The post was published on Substack under cryptohayes.