According to CoinMeta, BitMEX co-founder Arthur Hayes stated in an exclusive interview with The Rollup that Japan has for a long time allocated a large amount of overseas assets through yen arbitrage trading. If Japanese policies change, institutions such as pension funds may sell off their overseas assets and convert them back into yen, then invest the funds in Japanese government bonds, enterprises, and real estate. He believes that once this process of capital repatriation is fully initiated, it will be difficult to stop, and it could potentially drive the yen stronger. At the same time, it may force the Federal Reserve to provide liquidity through repurchase agreements. It is worth noting that Arthur Hayes has a relatively low historical accuracy rate in market predictions and often adjusts his views. It is recommended to focus on his analytical framework rather than his specific price and time forecasts.