The Japanese yen has recently outperformed G-10 and other major Asian currencies. What is the driving force behind this? The Japanese government has been hinting at possible intervention in the foreign exchange market, and this expectation alone is enough—markets are pricing it in advance. When the central bank is ready to step in at any time, investors naturally flock to relatively safe assets. What does this mean for the crypto market? Risk assets tend to be under pressure in a strong currency environment, and as the world's third-largest economy, Japan's monetary policy movements are worth paying attention to.