Did Japan Secretly Control Crypto's Price Action? - January 5, 2026

In this episode, Ryan Tanaka from Teia Cafe examines the provocative idea that Japan has indirectly controlled crypto’s price action through its monetary policy. He unpacks the concept of the "Yen Carry Trade"—where speculators, especially in the U.S., borrowed ultra-cheap Yen to fuel investments in crypto, tech stocks, and AI startups, driving up asset prices while Japan maintained low inflation and stability at home.

Ryan links crypto’s recent downturn directly to the rise in Japanese Government Bond yields, which began climbing in 2022–2023, tightening the flow of cheap money. He notes that while Japan enjoyed being the stable lender, the U.S. became the speculative borrower—and now, as Japan’s bond yields hit 30-year highs, that era may be ending.

The discussion explores the cultural and economic contrasts: Japan’s stable, low-crypto-adoption society versus America’s boom-and-bust speculative cycles. With Warren Buffett moving into Yen and commodities, and the U.S. facing potential dollar inflation, Ryan suggests that diversification—including into overlooked crypto projects—may be wise. Ultimately, the episode frames crypto’s volatility as a symptom of deeper global liquidity shifts, with Japan’s financial policy acting as a hidden but powerful lever.

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