According to CoinMeta, the exchange rate of the Japanese yen against the US dollar has depreciated to 160, the first time since July 31, despite Japan spending a record $96 billion in the past month to defend the yen. This intervention once caused the yen to appreciate to around 155 per dollar, but fiscal concerns and the demand for safe-haven assets in dollars have eroded most of that gain. Further Japanese interventions or an unexpected interest rate hike by the Bank of Japan could trigger a rapid reversal in yen financing transactions, leading to volatility and forced selling in the stock and crypto markets.