The move would be classic quantitative easing disguised as currency intervention, Hayes said. Officials haven’t confirmed any yen intervention plans, leaving markets to guess based on currency movements and bond yields. If they announce coordinated action to stabilize the yen, Bitcoin could see massive inflows from investors chasing the liquidity wave. The currency intervention playbook Hayes references has deep historical precedent. Back in 2011, the G7 nations coordinated a massive yen intervention after Japan’s earthquake and tsunami sent their currency spiraling.