Japan has not been allowed to price its own money since the war. The yen sliding today is not a fresh problem. It is the bottom of a very deep stack. In 1949 an American banker named Joseph Dodge, working for the occupation, fixed the yen at 360 to the dollar by decree. Japan was slotted into Bretton Woods at that number and held there until Washington broke the system in 1971. Then in 1985 the US and its allies signed the Plaza Accord and pushed the yen from 240 to 120 in three years. It gutted Japan's exporters, so Tokyo answered the pain the only way a central bank knows how: cheap money, everywhere. That blew the largest asset bubble in modern history. When it burst, Japan got the Lost Decades. And every decade since has been another layer laid over the last one. Zero rates. Quantitative easing. Yield curve control. Negative rates. Each intervention prescribed to treat the damage of the one before it. This is what a managed economy looks like at the end. Not one bad decision. Seventy years of overruling the market, foreign hands and domestic ones alike, until nobody can tell what anything's real value is. This summer two governments spent real reserves to set the yen level again. The market erased half of it within a week. Bitcoin has no Dodge, no Plaza, no committee. No one sets its price and no one can. That is the entire point.