He predicts, “Harris will instruct Yellen to use the monetary tools available to her to avert a financial crisis,” suggesting an immediate response to stabilize the markets expected “no later than the opening of Asian trading next Monday, August 12th.” Related Reading: Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive – Key Reasons Why The analysis revolves around the ‘yen carry trade,’ where Japan Inc.borrows yen at low rates to invest in higher-yielding foreign assets.
In his latest essay “Spirited Away,” Arthur Hayes, the former CEO of BitMEX, dives into the complexities of the global financial markets, with a focus on the impending unwinding of the dollar-yen carry trade and its impact on the crypto market.
However, Hayes points out the vulnerabilities of this strategy: “If the BOJ ceases its bond purchases, the unwinding could lead to significant yen appreciation and a corresponding decline in global equity markets.” Hayes outlines the potential dire consequences of a sudden strengthening of the yen, predicting drastic impacts on global stock markets.
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