Key Takeaways Arthur Hayes published his “Yen-quake” essay on Substack on August 10. Japan and the GPIF pension fund hold a combined $1.373 trillion in U.S. Treasuries as leverage. The Fed’s FIMA repo facility caps each counterparty at $60 billion, a limit Hayes expects to rise. Three Ways to Strengthen the Yen Hayes, the BitMEX co-founder and macro commentator, laid out his thesis in an essay titled “Yen-quake,” where he argued the dollar-yen exchange rate has become a political problem for both Washington and Tokyo. He identified three mechanisms by which the two governments could push the yen back up, …