Macro: Lyn Alden vs James Lavish - $80 Billion Japan Lever in One Month

About this episode

Japan spent about $80 billion of its foreign exchange reserves in a single month defending the yen — the biggest monthly drop in their reserves in modern history — and the dollar fell from 164 yen to about 153.7 days before that data landed, James Lavish had a yen in freefall on his list of pressures that could drag bitcoin down regardless of any cycle model, with a quiet qualifier about intervention doing a lot of work in the sentence. Lyn Alden's report this morning is, in effect, an answer to that qualifier: an accounting of roughly $2.2 trillion in deployable foreign assets, plus another $500 billion available from a pension reallocation, and her conclusion that she'll keep fading the…