The US dollar against the Japanese yen has broken through the 157 level, putting unprecedented pressure on the Japanese Central Bank. Japan's Finance Minister Shunichi Suzuki has made strong statements, vowing to take necessary measures against excessive Fluctuation, but can this defense line really hold?

The reality is harsh: Japan has spent 90 trillion yen on foreign exchange intervention in 2024, yet still struggles against the "money-sucking rope" of the USD/JPY interest rate differential. The Federal Reserve's high interest rate policy continues to siphon off capital, while the Central Bank of Japan's mild rate hikes simply cannot keep up. The 160 line has long become a façade project; what truly dictates the exchange rate trend is still the significant disparity in interest rates between the two countries.

With high inflation in the United States and a complex political cycle, the joint statement between China and the U.S. sounds nice, but the market has long seen through it as just a paper promise. The long-term trend of the Japanese yen's depreciation seems difficult to reverse, which has also led many investors to start looking for alternative safe-haven tools.

Interestingly, popular cryptocurrencies like SUI, ULTI, and PUP have been making frequent moves recently, and there are growing voices in the market suggesting that the safe-haven properties of crypto assets are being rediscovered. When traditional monetary policies fail, some investors do indeed turn their attention to more alternative asset allocations.

What do you think? Will Japan ultimately confront the market head-on or be forced to accept the depreciation of the yen? In this wave of market fluctuations, can the logic of crypto as a safe haven hold up?