[QCP: Rare US-Japan Joint Intervention in Forex Market, Yen and Long-Term US Treasury Yields May Become New Variables for Crypto Market Liquidity] BlockBeats News, August 3rd, QCP Capital published an article stating that the United States and Japan conducted a rare joint intervention in the forex market last Friday. The New York Federal Reserve, on behalf of the US Treasury, purchased yen, marking the first US-Japan joint forex intervention since 2011 and the first joint action specifically supporting the yen since 1998. QCP pointed out that this move has refocused the market's attention on long-term US Treasury yields, with the 30-year Treasury yield briefly rising to approximately 5.27%, the highest since 2007, while the 10-year breakeven inflation rate remains around 2.28%. The market's focus has expanded to include US Treasury issuance, investor demand, and cross-border capital flows. For the crypto market, the rapid appreciation of the yen could trigger the unwinding of yen-funded trades, potentially impacting risk assets like BTC and ETH. However, if the yen exchange rate stabilizes, it could reduce the need for further interventions and alleviate liquidity pressures in the US Treasury market. Overall, this intervention does not provide a clear directional signal for crypto assets but highlights that the USD/JPY exchange rate, Japan's financing environment, and long-term US Treasury yields are becoming important factors influencing the liquidity environment for BTC and ETH. [Original Link]