PANews reported on January 24th that BitMEX co-founder Arthur Hayes commented on the unusual yen exchange rate fluctuations on the X platform, stating that he is bullish on BTC if the rumors are true. This follows a Bloomberg report that the yen experienced its largest single-day gain in nearly six months, rising 1.6% to 155.90. Speculation arose that Japanese authorities might be preparing unusual market intervention to stem the yen's decline. The New York Federal Reserve and major banks conducted exchange rate checks.

Arthur Hayes points out that this would involve the Federal Reserve intervening in the exchange rate by printing money to create bank reserves and then selling dollars to buy yen. If the Fed is indeed manipulating the yen's exchange rate, this could be seen in the growth of the "Foreign Currency Assets" item in the weekly H.4.1 report (the Fed's balance sheet).