Livingston Exposes How a Weaker Yen Is Reshaping the Industry—What It Means for Your Portfolio

The yen's slide isn't just a currency story—it's a tectonic shift for global finance. Industry expert Livingston just laid bare the real-world impacts, and the ripple effects are hitting everything from export margins to asset valuations.

Exporters: Riding the Wave or Drowning?

A cheaper yen supercharges overseas earnings for Japanese exporters when repatriated. That's textbook economics. But Livingston points out the dark flipside: import costs are soaring, squeezing domestic manufacturers and consumers. It's a zero-sum game where someone always pays—usually the little guy.

The Capital Flight Nobody's Talking About

Here's where it gets spicy. Savvy investors aren't sitting on depreciating cash. They're hunting for yield—and increasingly, that hunt leads straight to dollar-denominated assets and, you guessed it, digital stores of value. Traditional hedges look rusty; new paradigms are gaining ground.

Livingston's Warning for the Crypto Frontier

This currency volatility acts like a spotlight. It illuminates the fragility of legacy systems and fuels the argument for decentralized, borderless alternatives. When your national currency buys less every month, a fixed-supply asset starts looking less like a gamble and more like a life raft. Expect capital flows to reflect that desperate logic.

The bottom line? Central bank policies are writing a check that the real economy can't cash. And while the suits in Tokyo debate interventions, the market is already voting—with its wallet. As one cynical trader put it: 'They're printing stability, but all they're buying is time.' The smart money is moving where politicians can't reach it.

Livingston points out the impacts of a weaker yen on the industry 

Reports from reliable sources indicate that the value of bitcoin has increased by approximately 1,159% since 2020. This rise was identified when the cryptocurrency’s value was measured in US dollars. Nonetheless, Livingston noted that BTC’s increase is approximately 1,704% compared to the Japanese yen.

Concerning the claim that Metaplanet might enjoy financial advantages over other firms, analysts began by acknowledging that if the yen is weaker, the company’s debts are tied to a currency with less value than the dollar. This situation makes financing readily available for Metaplanet at an affordable cost for each unit of fiat currency it utilizes.

Another discovery that was made public was the fact that Metaplanet makes payments for each coupon using a currency whose value is diminishing compared to that of BTC and USD. 

Consequently, the real cost of its 4.9% coupon in Bitcoin continues to decrease while Strategy makes payments of its 10% coupon in dollars, utilizing a stronger currency; hence, the firm’s liabilities decline at a slow pace.

It is worth noting that this analysis was conducted during a global decline in crypto treasury firms. Some of these companies have observed a decrease in their values of more than 90% from their peak. The crypto markets, on the other hand, are facing difficulties recovering and achieving new highs after a major crash in October 2025.

Meanwhile, Bitcoin Treasuries data disclosed that Metaplanet currently owns approximately 35,102 BTC in reserve. With this achievement, the company solidified its position among the top-ranked firms as the fourth-largest Bitcoin treasury company, measured by its Bitcoin holdings. For its latest purchase, sources mentioned that the firm bought approximately 4,279 units of BTC on Tuesday of last week, adding to its reserve for around $451 million. 

However, the current situation in the company has sparked heated debates among individuals who have raised concerns, wondering why Metaplanet’s stock price has dropped despite making such a significant MOVE in its Bitcoin purchase. Additionally, they observed that the rest of the crypto treasury sector also declined. This sector comprises key players in the industry, such as  Strategy — the largest BTC treasury company — BitMine, Nakamoto, and others. 

Metaplanet implements a significant move in the crypto space 

In December 2025, Metaplanet made several amendments to its capital structure. This move made it easier for Japan’s largest corporate holder of Bitcoin to collect funds by issuing preferred shares that pay dividends, drawing the attention of several institutional investors. 

As a result of this change, Dylan LeClair, the company’s director of Bitcoin strategy, noted that investors supported five proposals that collectively enhanced Metaplanet’s ability to offer preferred shares, introduce new dividend alternatives, and attract participation from international institutional investors.

Notably, this approved adjustment involves reclassifying capital reserves to facilitate the payment of preferred share dividends and potentially repurchasing shares. 

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