Arthur Hayes: Fed-Backed Yen Rescue Could Fuel Bitcoin, Gold and Ether BitMEX co-founder Arthur Hayes said the most likely path to a stronger yen is not aggressive Bank of Japan rate hikes or large-scale Treasury sales, but Japan using the Federal Reserve's FIMA repo facility to

What happened

Arthur Hayes, co‑founder of BitMEX, said Japan could strengthen the yen by tapping the Federal Reserve’s FIMA repo facility instead of raising rates or selling Treasuries.

Proposed

Global impact / market context

If Japan uses the Fed’s facility, the yen may appreciate, prompting investors to seek alternative stores of value such as Bitcoin, gold and Ether, which could lift their prices.

Analyst inference

The yen has been weak against the dollar, and the Fed’s FIMA repo program lets foreign central banks lend dollars for cash collateral, a tool Japan could borrow to support its currency.

Analyst inference

What to watch

1. Whether Japan’s central bank announces a plan to access the FIMA repo facility, which would signal a new yen‑support strategy. Analyst inference
2. Movements in the yen‑dollar exchange rate after any policy announcement, as a stronger yen could shift capital toward alternative assets. Analyst inference
3. Price reactions in Bitcoin, gold and Ether, since a firmer yen may boost demand for these hedges against currency risk. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• x.com