On purpose.

For the first time in 15 years, the interests of Washington and Tokyo have aligned.

On Friday, the NY Fed called dealers asking for USD/JPY quotes.

This has a name: rate check.

Last warning before intervention.

The last time the US and Japan intervened TOGETHER in the exchange rate was after Fukushima, in 2011.

Why now?

Japan needs a strong yen to contain inflation.
Trump needs low long-term yields to refinance the debt.

Both problems are solved with the same solution: a weaker dollar.

The Numbers:

→ $DXY below 96: 4-year low
→ 40-year JGB: hit 4.24% last week: first time since 2007
→ US shutdown: deadline January 30th
→ Powell: replacement could be announced THIS WEEK

The Math:

→ DXY plummeting = "Sell America" returning strongly
→ Every dollar-denominated asset needs to be repriced
→ Gold and silver at all-time highs is no coincidence

For Bitcoin:

Short term = risk. Too strong a yen forces an unwind of the carry trade.

Medium term = bullish.

Weak dollar = the scenario that justifies the original $BTC thesis.

What to watch:

→ FOMC tomorrow
→ Chair nomination
→ DXY

Faith in the dollar as a global reserve currency is ending. Fast.

Take a position accordingly.