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JapanKoreaFXDefense is Japan and Korea both moved to defend their currencies on July 30. In New York, authorities were seen buying yen and selling dollars, pushing USD/JPY down 2.6% to near 159 after it hit its weakest since 1986. The won firmed 2% that day and over 8% across July. A record 11.73 trillion yen intervention in April-May had failed to hold the line. On July 31, the BOJ held its rate at 1% while warning core inflation runs above 2%. Neither government has officially confirmed intervening.. Follow this topic on OKX Orbit for the latest community posts and token insights.

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Japan and Korea both moved to defend their currencies on July 30. In New York, authorities were seen buying yen and selling dollars, pushing USD/JPY down 2.6% to near 159 after it hit its weakest since 1986. The won firmed 2% that day and over 8% across July. A record 11.73 trillion yen intervention in April-May had failed to hold the line. On July 31, the BOJ held its rate at 1% while warning core inflation runs above 2%. Neither government has officially confirmed intervening.

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Tolerance in many Asian countries has reached a critical point! An exchange rate war is unfolding #JapanAndSouth Korea sells dollars on the same day to protect foreign exchange $BTC A rare scene unfolded during the New York session: foreign exchange authorities in Japan and South Korea entered the market simultaneously, selling US dollars and buying local currencies to support the market. The yen surged over 3% in the short term, while the Korean won surged 2%. The first reaction of many traders: the dollar has peaked, and risk assets are broadly positive. But the vast majority overlook the core truth: joint intervention is a tactical defense and cannot reverse the medium- to long-term exchange rate trend dominated by interest rate spreads; Short-term shocks can easily trigger impulse rallies and blindly chase long stocks can easily lead to the "intervention market day trip" trap. The biggest highlight of this action is not the short-term fluctuations in exchange rates, but the macro signals released by the coordinated policies of Asia's two major economies. I. Review of the Core Facts of the Incident 1. Action Model: Japan and South Korea simultaneously sell US dollar reserves and repurchase their own currencies. They chose New York's liquidity peak to launch a surprise attack, aiming to blow up speculative funds shorting the yen and Korean won on one side. 2. Intervention Background The yen once approached a 40-year low, and the Korean won fell to multi-year lows. The continued vicious depreciation of the local currency brings two major pressures: soaring energy import costs are driving imported inflation; The burden of US dollar debt on domestic enterprises is increasing, impacting financial stability. Verbal warnings have failed, forcing authorities to use real foreign exchange reserves to enter the market. 3. Key Details: The last time Japan and South Korea coordinated intervention dates back to the 2011 earthquake. After more than a decade, they have joined forces again, indicating that the effect of individual intervention by a single country is weakening, and deterrence must be amplified together. Market rumors suggest that the US side is conducting exchange rate inquiries simultaneously, forming a tacit policy alignment. 4. Review of historical patterns: Japan has repeatedly intervened in large-scale foreign exchange markets to quickly create short-term rebounds, but as long as the US-Japan interest rate differential does not substantially narrow, the exchange rate is very likely to return to a depreciation channel within weeks. Intervention can only change the pace and is difficult to reverse the overall trend. 2. Four-layer deep logic: understanding the real purpose behind the authorities' intervention 1. Defense first, not actively promoting sustained appreciation of the local currency Japan and South Korea do not pursue a sharp unilateral strengthening of their own currencies. Both countries are export-oriented economies, and the continued sharp appreciation of their exchange rates also suppresses export competitiveness. The real goal: to end one-way panic depreciation of the local currency, break the negative feedback of "the more it falls, the more short it gets," suppress disorderly fluctuations, and buy a buffer time for domestic monetary policy. Simply put: stop the crash, not start a long-term appreciation bull market. 2. Insufficient intervention power by a single country, coordinated operations enhance financial deterrence In the past, Japan intervened alone, allowing speculative funds to continuously bet on depreciation in batches. With Japan and South Korea acting simultaneously, bears need to hedge against both Asian currencies, raising funding costs and risks simultaneously, which is more effective in suppressing speculative forces in the short term. 3. Hidden monetary policy contradictions: intervention to address symptoms, interest rate spreads are the underlying shackles The root cause of the yen's continued weakness: the Federal Reserve's high interest rates and the long-standing US-Japan interest rate differential. Foreign exchange intervention tapped into existing dollar reserves and could not change the benchmark interest rate gap between the two countries. As long as the spread pattern remains unchanged, carry trading funds will continue to have momentum to sell the yen. This is the biggest weakness of intervention: without monetary policy support, the rebound is inherently lacking in sustainability. 4. Global Exchange Rate Pattern Signal: A strong dollar has become unbearable for many countries Not only Japan and South Korea, but emerging markets have long been hit hard by the strengthening US dollar. This coordinated intervention marks a landmark event marking the global threshold of tolerance for a strong dollar. As the US dollar continues to strengthen, more countries will adopt measures to stabilize their exchange rates. 3. Major asset chain transmission simulations 1. US Dollar Index In the short term, it is under pressure and moves downward, forming a pulse-like weakening. There are two scenarios distinguished: (1) Short-term sentiment rally: intervention shocks fade, funds resume trading Fed interest rate expectations, and the dollar recovers again; (2) Necessary conditions for continued weakening: Subsequent easing of U.S. inflation and employment data, with rising expectations for rate cuts. Relying solely on intervention by Japan and South Korea is insufficient to drive the dollar into a medium- to long-term bear market. 2. Gold Short-term benefits have benefited from a rebound in the dollar after a pullback. The medium- to long-term trend remains anchored to real interest rates. A temporary pullback in the US dollar provides a long window, but don't rely solely on intervention news to bet on a long-term gold rally. 3. US Stock Nasdaq Risk appetite has temporarily increased. Growth stocks are highly sensitive to the US dollar and US Treasury yields, making them prone to short-term surges. Beware of bullish risk inducement: intervention is an external exchange rate event and cannot change the fundamentals of the U.S. economy or corporate earnings. After the pulse rebound, the market returned to earnings reports and the Fed's main policy theme. 4. Crude oil Pulling from both sides. A decline in the US dollar is theoretically positive for commodities; However, the stability of the Japanese and Korean currencies indirectly reflects global economic pressure, with long-term demand expectations suppressed, and it is highly likely to enter a range-bound market. 5. Cryptocurrency (Bitcoin) Short-term trend fluctuations following risk appetite. Key to remember the pattern: markets driven by exchange rate interventions tend to have generally weak persistence. Do not treat short-term impulses as the start of a new trend. Going forward, continue to monitor US dollar liquidity and ETF fund flows. 4. Traders must be wary of three major market traps 1. Misconception One: Joint intervention = the dollar's trend has peaked Intervention is an external disturbance; monetary policy is the core of long-term exchange rate pricing. Don't bet on the dollar's long-term bearish turn based solely on this piece of news. 2. Misconception 2: Short-term surges can blindly chase long positions A large number of historical cases have proven that surges triggered by intervention often "come quickly, pullbacks are faster." Bears passively closed positions to drive the market, and after closing ended, there was a lack of new buying interest. 3. Misconception Three: Believing the authorities will indefinitely continue to invest in reserves Foreign exchange reserves are a limited resource, and there is a bottom line to the continuous large-scale consumption of reserves. Once the exchange rate stabilizes, the willingness to continue large-scale, sustained intervention will significantly decline.

Today's market reminds me of an idiom called "blind men touching an elephant." Everyone is talking about their own direction, but no one sees the whole picture clearly. BTC fell, ETH fell, SOL also fell, but the declines varied. I stared at the market all morning and did nothing—just a typical bystander's mindset. Then guess what. South Korea's KOSPI triggered the sidecar mechanism, pausing programmatic trading for 5 minutes. This action itself is a signal. When a market needs to stop and calm down, it means volatility has exceeded the normal range. The Korean won appreciated 2% against the US dollar to 1418. This is a rare intervention by South Korea's foreign exchange authorities. The yen is also strengthening, indicating global currency markets are fluctuating, while crypto is relatively resilient in this context. Leveraged ETFs on Korean bonds were also heavily hit by this volatility. The finance minister publicly apologized, indicating the problem is serious. Leveraged ETFs are designed to amplify returns, but in extreme volatility, they also amplify risks. The lessons from these products in the Korean stock market are worth learning for all markets. The crypto market has similar products. High leverage always means high risk. So my judgment is that today's decline is part of a global risk appetite shift, not a problem unique to crypto. After KOSPI's stabilization mechanism takes effect, market sentiment will gradually recover. There are a few other things worth noting today, let's talk about them together: #微软单日市值增近4500亿，创美股纪录 The escalation of US-Iran conflict pushed oil prices up, but the increase was very limited. The market is more worried about interest rate hike expectations than geopolitical risks. This reaction shows that oil's financial attributes have been weakened. I don't think this temporary geopolitical tension will continue to push oil prices higher. More importantly, oil price volatility has little impact on crypto liquidity. #HYPE再遭亿元解押，日企首度入场 The unlocking and selling of HYPE puts pressure on the entire ecosystem. Whale cashing out means short- to medium-term liquidity release. But HYPE's fundamentals and partnerships remain unchanged. If the price drop is absorbed, it could be a new starting point. #财报观察员：亚马逊指引不及预期，股价却反涨9% Morgan Stanley launched ETH and SOL spot ETPs. This is another channel for traditional finance to enter crypto. Spot ETPs are more direct than futures, making it easier for institutions to allocate. This will further drive institutional capital inflows into ETH and SOL, but retail investors may become the ones getting harvested. $BTC $ETH #热点 #叙事

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Yesterday, I briefly discussed the geopolitical aspects of South Korea and Japan, and just one day later, both countries simultaneously intervened in the market. Everyone knows about the sharp rise in SK Hynix, but the yen exchange rate, which is closely watched less by the stock and crypto circles, also experienced intense fluctuations. After last year's tariff war, the yen exchange rate surged from 140 towards 160+, recently reaching a high near 164. I remember a couple of years ago, I even bet with Ni Da @PhyrexNi on whether the yen exchange rate in October 2024 would be closer to 160 or 130. However, back then Japan still had some strength, and the yen was still fluctuating widely, which is completely different from the current one-sided depreciation trend. The core issue for South Korea and Japan now is that their industrial chains are being dismantled by China and the US. Especially many of Japan's originally advantageous industries have been caught up by China, which has suppressed profit margins. Without external profits to exchange for dollars to replenish their own currency, combined with dual-use export bans aimed at breaking Japan's national fortune, the future outlook is bleak, and depreciation expectations are high. Many say that the recent major stock market turmoil in South Korea is because money was taken by the US and technology was taken by China. While not entirely accurate, there is some truth to this. First, the money was indeed taken. Despite the flight ban not being implemented, the rebound's strength mainly came from foreign capital. Data shows that today set a record for the largest single-day net foreign capital inflow, with SK Hynix at 3.59 trillion and Samsung at 2.10 trillion. After this bottom-fishing, local Korean capital control may further decline. In contrast, in the previous four trading days (24th-29th), foreign capital was a net seller of 11.95 trillion. They smashed first and then pulled back, striking decisively, leaving the Korean people with a lifetime of huge debts that are hard to repay, which is truly lamentable. Technology itself is not directly taken away, but the severe damage to the "Three Seas" (Samsung, SK Hynix, and others) combined with repeated US demands to relocate factories objectively gave Chinese capital more time to catch up. With the stock prices of the "Three Seas" falling and Changxin rising, a capital cost scissors gap has formed. The essence of the capital expenditure competition is decided by whose capital is cheaper, and this scissors gap daily prices the speed of "catch-up time" transfer. The collapse of salaries and morale caused by the stock price plunge will accelerate engineers moving to Chinese capital. South Korea and China are geographically and culturally close, and China's visa-free policy for Koreans provides convenience. Engineers can even interview in Suzhou or Hefei without paperwork. In reality, cases of technology leaks by Korean prosecutors have never stopped. From the perspective of the US dollar tide, there are few countries large enough to absorb and compensate for the US deficit, and China certainly will not rescue Japan. At least before Changxin conquers HBM, South Korea still belongs to the united front target of both pulling and fighting, so the injury might be lighter. In summary, in this stock market crash, the US took away financing rights, pricing rights, major client orders, and increasing claims on future profits; China took away industrial profit margins and time to catch up technologically. South Korea and Japan still have factories, engineers, and core technologies but bear the highest capital expenditures, exchange rate volatility, and geopolitical costs. The intense fluctuations in the Korean stock market and the yen exchange rate reveal this truth. #韩股KOSPI盘中飙升14%，创历史最大单日涨幅 #日韩同日抛售美元护汇 $SNDK $SKHYNIX $MU

#日韩同日抛售美元护汇 Japan and South Korea did something quite rare yesterday—simultaneously selling US dollars and buying their own currencies. Japan directly spent about $52.8 billion, possibly the largest single-day intervention in their history. South Korea has caught up as well, with the won surging to 1418 against the US dollar, a nine-month high. The Bank of Japan just finished its meeting, keeping interest rates unchanged at 1%. After the meeting, the yen surged sharply from 163.74 to 157.98, but later returned to around 160. The South Korean Deputy Finance Minister made something thought-provoking—"We are maintaining close coordination with the US and Japan, and will continue to cooperate." This is equivalent to indirectly acknowledging the existence of joint intervention. Even more interestingly, the United States is also cooperating. Reuters captured a notebook from Finance Minister Becent's meeting that read, "Buy 5 to 10 billion yen." The New York Fed then represented the Treasury by selling euros and buying yen. The last time the U.S. did this was during the 2011 Japan earthquake. Jun Mimura hinted that the U.S. was involved, including the prelude to intervention by the "interest rate check." The motivations of the two countries are quite different. On Japan's side, the yen has fallen to its 40-year low, and import costs can no longer be sustained. On South Korea's side, the won hit a 17-year low last month. But the deeper reason is that U.S. Treasury yields have reached a 19-year high. If the yen falls further, Japan can only keep selling U.S. Treasuries to exchange for dollars to intervene, which in turn pushes U.S. Treasury yields higher and is also detrimental to the U.S. How long the intervention effect will last is uncertain. Last time during such large-scale operations, the yen lasted a few days before going back. As long as the interest rate differential between Japan and the US remains, the logic of one-sided betting remains intact. However, this time the three countries are acting simultaneously, which is indeed different from before. Speculators who bet on yen depreciation will face much greater resistance than before. For the crypto market, a weaker dollar usually supports BTC prices. But the joint intervention itself also shows that the global liquidity environment is becoming increasingly contradictory—the U.S. is shrinking its balance sheet while interfering with exchange rates. The long-term impact of this contradictory policy mix on risk assets may be more noteworthy than short-term exchange rate fluctuations.

South Korean Won surges 2% to 1418: Is the crypto market about to see an "East Asian hot money" spillover? Down 17% in three days, up 14% in one day. On July 31, the South Korean KOSPI index surged intraday by 14%, marking the largest single-day intraday gain in history. SK Hynix initially soared 28%, Samsung Electronics rose 26%. The Korea Exchange directly triggered the sidecar mechanism, pausing program trading for 5 minutes. But that's not the most critical part. What should really make the crypto market open its eyes wide is another matter— The Korean Won appreciated 2% against the US dollar to 1418, hitting a nine-month high. The Won hit a 17-year low of 1561.50 last month and has risen over 8% this month, marking the largest monthly gain since March 2009. What does the Won's appreciation mean? The Won is a typical "risk-on currency". When the Won rises, it means global funds are flowing into Asian risk assets. When the Won falls, it means funds are fleeing. In the past month, the Won rose from 1561 to 1418, an 8% increase. This is not a small fluctuation. It is the result of rare dollar sales intervention by the South Korean foreign exchange authorities combined with joint action from Japan. Two East Asian export giants simultaneously intervened to stabilize their currencies—the signal is clear: the local currency must not continue to depreciate; funds must be kept domestically. So the question arises—if funds stay domestic, where do they go? The "recovery—spillover" script of South Korean retail investors Samsung Electronics and SK Hynix are the favorite stocks of South Korean retail investors. Down 17% in three days, up 14% in one day—what does this mean? Those previously trapped have recovered. Those who bottom-fished have profited. How big is the South Korean crypto market? Won-denominated trading accounts for 30% of the global spot crypto trading volume, second only to the US dollar. South Korea's 52 million population generates about $26 billion in crypto trading volume weekly. But from early July to July 21, the average daily trading volume of South Korea's top five crypto exchanges was only 597.8 billion Won (about $400 million), down to 1.59% of the Korean stock market trading volume. Where did the funds go? Into stocks. Now that stocks have surged and accounts have recovered—where will this liquidity go after being released? Historical patterns are clear: once South Korean retail investors make money in the stock market, the next step is to rush into the crypto market. During the KOSPI plunge in the past two weeks, Upbit's trading volume surged by 436%. When the stock market rises, funds flow back into stocks; after making money in stocks, funds spill over into crypto. The seesaw effect has played out countless times in the South Korean market. What should you watch most now? Upbit's Won-Bitcoin/Altcoin trading pair premium index. As of early July 31, Bitcoin's trading price on Upbit was 91.79 million Won, while the global Binance price was 93.71 million Won, recording a -2.05% "reverse kimchi premium." Reverse kimchi premium = Koreans selling cheaper than the global market = Korean funds have not returned yet. Once this number turns from negative to positive, from -2% to +2%, +5%— That is the first signal that East Asian hot money is starting to spill over into the crypto market. 85% of funds in the Korean market flow into altcoins and newly listed tokens. The return of the kimchi premium means not just Bitcoin will rise—it signals the East Asian version of altcoin season is coming. You are watching the Fed, the CLARITY Act, and Trump's $1.4 billion crypto income. But what can really bring you excess liquidity might be a group of recently freed-up South Korean retail investors thousands of miles away in Seoul. Don't just watch those politicians in Washington. Watch Upbit's premium closely. That number is more honest than any legislative statement. $SKHYNIX $SKHY $XSKHY #韩股KOSPI盘中飙升14%，创历史最大单日涨幅

Three days ago, South Korea's KOSPI was still in the ICU hooked up to machines—plunging 17% over three consecutive trading days, intraday dropping over 12%, triggering circuit breakers repeatedly. And today? KOSPI closed with a surge of 17.91%, marking the largest single-day gain since data has been recorded in 1980. SK Hynix hit the daily limit up, rising 30%, a historic first. Samsung Electronics rose 26.81%, with its market cap returning to $1.2 trillion. Down 17% in three days, up 18% in one day. This isn’t a candlestick chart; it’s bungee jumping. Who directed this drama? Three forces slammed in simultaneously: First, the U.S. stock market set the pace. Overnight, the Nasdaq surged 2.78%, the Philadelphia Semiconductor Index soared over 8%, SanDisk rose 26%, Micron climbed over 18%. Microsoft's single-day market cap jumped by $450 billion, setting a record for single-stock daily market cap increase. AI trading returned overnight. Second, the big players personally stepped in. SK Group Chairman Chey Tae-won bought 3,620 shares of SK Hynix in his own name during the plunge, worth about 4.8 billion KRW. This was Chey Tae-won's first direct holding of SK Hynix shares; previously, he only held them indirectly through the holding company. If even the chairman is bottom-fishing personally, won’t retail investors rush in? Third, the central bank intervened. South Korea’s foreign exchange authorities made a rare sale of dollars to intervene, causing the won to appreciate 2% to 1418, a nine-month high. The market even suspects a joint intervention by Japan and South Korea in the forex market. Simply put: the national team stepped in. The combination of these three forces resulted in today’s towering bullish candlestick. But what truly turned this rally into a "long-short double explosion" was the hidden factor: leverage. On May 27, South Korea launched "single-stock leveraged ETFs"—allowing retail investors to take 2x leveraged bets on specific stocks. The result? Retail investors net bought as much as 140 trillion KRW (about $9.7 billion), far exceeding foreign institutional investors. The leveraged ETF asset size exploded from less than $10 billion at the start of the year to over $50 billion by June. Then the market turned downward. The 2x leveraged ETF tracking SK Hynix has lost over 80% since its June peak; similar products for Samsung Electronics have retraced nearly 75%. More than 1.2 million leveraged retail accounts received margin calls, and between 320,000 to 360,000 accounts were completely liquidated. A 17% drop in three days was essentially a collective liquidation of leveraged longs. Today’s 18% rise was a targeted short squeeze using forex intervention and the chairman’s bottom-fishing news—shorts were crushed. Three days ago, the longs exploded; today, the shorts exploded. Isn’t this the "long-short double explosion" most familiar in the crypto world? What’s the most ironic? On July 29, South Korean Finance Minister Ju Yeong-cheol publicly apologized in the National Assembly—admitting the government "launched single-stock leveraged ETFs without careful consideration." They didn’t think it through when launching, and apologized after the liquidations. The chairman of the Financial Services Commission, Lee Ik-yeon, said they are considering restricting such products to "professional investors." But will it help? JPMorgan data shows leveraged ETF assets plunged from $50 billion to $16 billion, a nearly 70% drop. The blood of 700,000 retail investors has already been drained. To be blunt: This "painting the gate" episode of South Korea’s KOSPI essentially transplanted the brutality of crypto contracts fully into the traditional market. Down 17% in three days, up 18% in one day. This isn’t value investing; it’s a violent liquidity backlash. This isn’t driven by fundamentals; it’s a retaliatory rebound after leveraged liquidations. What’s even scarier—South Korea has a central bank backstop, forex intervention, and a finance minister’s apology. When your altcoin liquidates, who will back you up? Who will sell dollars for you? Who will apologize to you? $SKHYNIX $SKHY $SAMSUNG #韩股KOSPI盘中飙升14%，创历史最大单日涨幅

If the global market crashes next week, $BTC and $ETH will be the first to be drained If you have BTC and ETH in your position, next week the most important focus is not on candlesticks, but on Japan. This situation may be spreading faster than you think—Japan is selling US Treasuries→ US Treasury yields are surging→ global risk asset valuations are under pressure→ crypto is bleeding first. This chain is already in motion, and next week is the trigger point. Why is crypto at the center of the storm? The logic is simple: BTC and ETH do not generate cash flow; their prices are supported entirely by liquidity expectations. When global liquidity tightens, interest-bearing assets can still hold up on yields, but crypto survives from head to toe on the "next buyer offering a higher price"—when a wave of risk aversion hits, crypto is always the first to be thrown away and the last to be picked up. The current state is already fragile. BTC has been stuck in the 62,000-64,000 range for two months, with the center of gravity slowly shifting downward, and ETH repeatedly struggling between 1,820 and 1,900. Above is a trapped market, below is a faint 60,000 mark. If the global market were to be drained again, BTC and ETH would have no safety cushion at all. And the syringe for the blood draw, Japan already holds it. This round of Japanese operations is the largest "dumping" in history What happened in the past few days? Let's sort out the timeline: July 30: Japan's Ministry of Finance spent 8.45 trillion yen (about $53 billion) in a single day to buy yen, setting a new record for Japan's single-day intervention. Within an hour, the USD/JPY plunged from 163 to 157.96. July 31: Japan intervenes for the second consecutive day; The New York Fed, representing the Treasury, stepped in, selling euros and buying yen — the first joint intervention between the US and Japan in nearly 30 years. As of now: Japan has consumed about $130 billion in foreign exchange reserves. The note from Besent, which reads "Buy 5 to 10 billion yen," was photographed and circulated worldwide—even the United States had to intervene. Why does the US personally rescue the yen? Because the majority of Japan's foreign exchange reserves are U.S. Treasury bonds. This $130 billion consumption is essentially selling U.S. Treasuries to buy liquidity. What is the problem? The problem is that the yen simply cannot be saved. The root cause of yen depreciation is the US-Japan interest rate gap (Japan 1.0% vs. US 3.5-3.75%). As long as carry trades persist, the yen remains under pressure, and intervention can only create a pulse rebound. After every historical intervention, the yen continued to depreciate, and Japan's foreign exchange weakened more and more. How does the chain transfer to encryption? Japan continues to intervene → deplete U.S. Treasury reserves→ U.S. Treasuries are being continuously sold off→ forcing U.S. Treasury yields higher. The 30-year Treasury yield is now above 5.2%, the highest since 2007. If Japan were to sell off on a large scale, this number would be even higher. What does rising U.S. Treasury yields mean? This means risk-free returns have increased, and money worldwide would prefer to lie on US Treasuries and live off interest rather than gamble on risky assets. This is the distance from Japan to BTC—not geopolitical conflict, not war, but pure contraction of the capital chain. When U.S. Treasury yields hit new highs, BTC's appeal diminishes, capital outflows accelerate, and rebounds are suppressed. Next week, Japanese Finance Minister Katayama Satsuki will officially announce the US-Japan joint action on Monday (August 3), and intervention is expected to continue to intensify. Each increase in holdings marks a new round of Treasury sell-offs and a new round of bleeding in the crypto market. Keep a close eye on three signals US Treasury yield: If the 30-year yield breaks above 5.2%, it would be a direct signal of tightening liquidity, leaving crypto with no chance to run. USD/JPY: After intervention, it briefly rebounded to 157, but has now fallen back to around 160. If it approaches 163 again, Japan will definitely continue to intervene, and US debt pressure will increase simultaneously. BTC 60,000 Level: Global volatility is transmitted to crypto, and BTC's 60,000 is the last psychological defense. If it can't hold on, a new round of panic selling begins. Next week's risk is not about "whether it will come," but "it has already arrived, but the market hasn't fully priced in yet." #30年期美债收益率创19年新高 #日韩同日抛售美元护汇 #美方酝酿打击伊朗能源设施, the embassy issued an evacuation warning