If Japan can't hold on, the US will directly intervene to rescue the yen. It can't just conjure up money out of thin air; it can only "print" dollars on the spot to buy yen. Although this is nominally called "joint intervention in the exchange rate," in the eyes of cryptocurrency, this is no different from the large liquidity injection in 2020— as long as the Federal Reserve's balance sheet number increases, the liquidity will flow through the financial channels into Bitcoin. You don't need to watch whether interest rates are raised or lowered; just look at the weekly H.4.1 report to see if "foreign currency assets" have surged.

Derivation logic: Yen crisis → Forcing the Fed to expand its balance sheet intervention → Releasing dollar liquidity → Overflow into the crypto market.
Specific reason: The yen is at the core of global arbitrage trading. If the yen crashes, the global financial system will have issues; if the US intervenes, it has to flood the market with liquidity. As long as the Federal Reserve has to increase its assets, BTC will ultimately benefit.