{"id":182319,"date":"2026-08-04T14:14:00","date_gmt":"2026-08-04T14:14:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/news\/japan-yen-intervention-bitcoin-carry-trade-impact-market\/"},"modified":"2026-08-03T14:22:13","modified_gmt":"2026-08-03T14:22:13","slug":"le-yen-japonais-menace-t-il-le-bitcoin-analyse-du-carry-trade","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/le-yen-japonais-menace-t-il-le-bitcoin-analyse-du-carry-trade\/","title":{"rendered":"Le yen japonais menace-t-il le Bitcoin ? Analyse du carry trade"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Le minist\u00e8re des Finances du Japon a confirm\u00e9 une intervention sur le march\u00e9 des changes le 30 juillet, consistant en des achats de yens et des ventes de dollars. <\/p><p class=\"wp-block-paragraph\">Cette op\u00e9ration a provoqu\u00e9 une chute brutale de la paire USD\/JPY avant que celle-ci ne se redresse plus tard. <\/p><p class=\"wp-block-paragraph\">Cependant, ce rebond souligne \u00e0 quel point une intervention isol\u00e9e peine \u00e0 inverser une tendance de long terme sans le soutien d\u2019une politique mon\u00e9taire adapt\u00e9e.<\/p><p class=\"wp-block-paragraph\">Parall\u00e8lement, la Banque du Japon (BoJ) a maintenu son taux directeur \u00e0 1,0 % lors de sa r\u00e9union de juillet, tout en conservant un biais restrictif. <\/p><p class=\"wp-block-paragraph\">Pour le secteur des cryptomonnaies, la r\u00e9duction des \u00e9carts de taux entre les \u00c9tats-Unis et le Japon, coupl\u00e9e \u00e0 un dollar plus faible, pourrait mettre sous pression le \u00ab carry trade \u00bb sur le yen, une source majeure de financement pour les actifs \u00e0 risque \u00e0 effet de levier, y compris le Bitcoin.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">JUST IN: The yen jumped as much as 3%, sending USD\/JPY from nearly \u00a5164 to below \u00a5158 in its biggest one-day gain since 2022.<br><br>Analysts suspect the rise was driven by official Japanese intervention to support the yen, per Reuters.<br><br>However, the rally has already started fading.\u2026 <a href=\"https:\/\/t.co\/Y6G9gCF7JF\">pic.twitter.com\/Y6G9gCF7JF<\/a><\/p>&mdash; Coin Bureau (@coinbureau) <a href=\"https:\/\/x.com\/coinbureau\/status\/2083130061054750975?ref_src=twsrc%5Etfw\">July 31, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">L&rsquo;intervention sur le yen ne suffit pas \u00e0 inverser la tendance<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Le Japon est intervenu \u00e0 plusieurs reprises pour soutenir sa monnaie au cours des deux derni\u00e8res ann\u00e9es, notamment via des op\u00e9rations de grande envergure en 2024 et une nouvelle action confirm\u00e9e le 30 juillet. <\/p><p class=\"wp-block-paragraph\">Chaque intervention a bri\u00e8vement renforc\u00e9 le yen avant que les forces du march\u00e9 ne reprennent le dessus. <\/p><p class=\"wp-block-paragraph\">Ce sch\u00e9ma refl\u00e8te l&rsquo;\u00e9cart important des taux d&rsquo;int\u00e9r\u00eat entre le Japon et les \u00c9tats-Unis, qui favorise toujours la d\u00e9tention de dollars au d\u00e9triment du yen.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2026\/07\/31141358\/content-inline-1-57.jpg\" alt=\"\"><\/figure><p class=\"wp-block-paragraph\">Des rapports sugg\u00e8rent \u00e9galement que les responsables japonais sont rest\u00e9s en contact \u00e9troit avec leurs homologues am\u00e9ricains durant cette p\u00e9riode d&rsquo;intervention. <\/p><p class=\"wp-block-paragraph\">Toutefois, aucune confirmation d&rsquo;une action coordonn\u00e9e avec la R\u00e9serve f\u00e9d\u00e9rale ou le Tr\u00e9sor am\u00e9ricain n&rsquo;a \u00e9t\u00e9 apport\u00e9e. <\/p><p class=\"wp-block-paragraph\">Bien que les autorit\u00e9s am\u00e9ricaines aient reconnu la faiblesse du yen, l&rsquo;op\u00e9ration est rest\u00e9e une initiative japonaise plut\u00f4t qu&rsquo;une action mon\u00e9taire conjointe.<\/p><p class=\"wp-block-paragraph\">La reprise rapide de la paire USD\/JPY apr\u00e8s l&rsquo;intervention renforce le constat d&rsquo;un d\u00e9fi structurel. La BoJ ayant maintenu ses taux \u00e0 1,0 %, les march\u00e9s se sont plut\u00f4t concentr\u00e9s sur les orientations du gouverneur Kazuo Ueda concernant les futures hausses. <\/p><p class=\"wp-block-paragraph\">Ce sont ces perspectives, plus que l&rsquo;intervention elle-m\u00eame, qui d\u00e9termineront si le yen peut maintenir ses gains \u00e0 l&rsquo;avenir.<\/p><h2 class=\"wp-block-heading\">Pourquoi le carry trade du yen est crucial pour le Bitcoin<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Le carry trade sur le yen repose sur l&#8217;emprunt de yens \u00e0 faible co\u00fbt pour investir dans des actifs \u00e0 rendement plus \u00e9lev\u00e9. \u00c0 mesure que les taux japonais augmentent progressivement tandis que la R\u00e9serve f\u00e9d\u00e9rale marque une pause, cet avantage s&rsquo;amenuise. <\/p><p class=\"wp-block-paragraph\">Malgr\u00e9 cela, l&rsquo;\u00e9cart de taux entre les \u00c9tats-Unis et le Japon reste suffisamment large pour que cette strat\u00e9gie demeure attractive pour de nombreux investisseurs.<\/p><p class=\"wp-block-paragraph\">Les \u00e9conomistes s&rsquo;attendent globalement \u00e0 ce que la BoJ continue de relever ses taux prudemment au cours des prochains trimestres, bien que le calendrier reste incertain. <\/p><p class=\"wp-block-paragraph\">Certaines pr\u00e9visions tablent sur une nouvelle hausse avant la fin de l&rsquo;ann\u00e9e, tandis que d&rsquo;autres pr\u00e9voient que les d\u00e9cideurs attendront un renforcement de l&rsquo;inflation et de la croissance des salaires. Une trajectoire graduelle favoriserait probablement un d\u00e9bouclage ordonn\u00e9 du carry trade plut\u00f4t qu&rsquo;un choc de march\u00e9 soudain.<\/p><p class=\"wp-block-paragraph\">Le point de comparaison le plus pertinent reste le mois d&rsquo;ao\u00fbt 2024, lorsqu&rsquo;une hausse de taux inattendue de la BoJ avait contribu\u00e9 \u00e0 un rallye brutal du yen, for\u00e7ant les investisseurs \u00e0 d\u00e9boucler leurs positions \u00e0 effet de levier. <\/p><p class=\"wp-block-paragraph\">Le Bitcoin avait alors chut\u00e9 aux c\u00f4t\u00e9s des march\u00e9s actions en raison du resserrement des conditions de financement. Bien que le contexte actuel pr\u00e9sente des similitudes, les conditions sont moins extr\u00eames car les march\u00e9s anticipent d\u00e9j\u00e0 un durcissement suppl\u00e9mentaire.<\/p><p class=\"wp-block-paragraph\">Pour le Bitcoin, le sc\u00e9nario de base reste celui d&rsquo;une normalisation progressive au Japon, cr\u00e9ant des vents contraires mod\u00e9r\u00e9s plut\u00f4t qu&rsquo;une vente massive. Toutefois, un rythme plus rapide de resserrement de la BoJ ou une nouvelle flamb\u00e9e du yen pourrait acc\u00e9l\u00e9rer le d\u00e9sendettement sur les march\u00e9s crypto. <\/p><p class=\"wp-block-paragraph\">Cela fait de la politique mon\u00e9taire japonaise un facteur macro\u00e9conomique de plus en plus crucial pour les traders, m\u00eame si l&rsquo;intervention seule ne devrait pas changer la donne.<\/p>","protected":false},"excerpt":{"rendered":"<p>L&rsquo;intervention du Japon sur le yen et la politique de la BoJ pourraient bousculer le Bitcoin. D\u00e9couvrez l&rsquo;impact du carry trade sur le march\u00e9 crypto.<\/p>\n","protected":false},"author":759,"featured_media":182313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-182319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le yen japonais menace-t-il le Bitcoin ? Analyse du carry trade<\/title>\n<meta name=\"description\" content=\"L&#039;intervention du Japon sur le yen et la politique de la BoJ pourraient bousculer le Bitcoin. 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