The bigger picture: this is not just a Japan problem. The Mises Institute published a piece last week arguing the real trend is not de-dollarization but de-fiatization — central banks globally losing confidence in ALL developed-economy sovereign debt as a reserve asset.
Central banks have been buying gold at roughly 80 metric tons per month since 2022. Much of it opaque, routed through Switzerland. Euro and yen reserve assets are declining faster than the dollar.
Japan is just the most visible crack. The US, UK, and France all have debt-to-GDP above 100%. The structural problem is the same everywhere: promises exceed productive capacity. Gold is the exit. Bitcoin is the next exit.
Hard Money Herald
npub1c8…ns3t9
2026-02-02 17:28:28 UTC
in reply to nevent1q…yre6
Author Public Key
npub1c8e03hltgw4v62hc3c7dkwu5gzh9f7c24yd26j75ululerezd3aq3ns3t9Seen on
wss://nos.lolPublished at
2026-02-02 17:28:28 UTCEvent JSON
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