Arthur Hayes said his essay Atencion examines the decline in EURJPY, the euro against the Japanese yen, and what it could indicate about a renewed acceleration in global fiat money printing. Writing from Patagonia during deep winter, Hayes also described backcountry hiking and skiing conditions after the annual Santa Rosa storm delivered more than 1 meter of snow in high-altitude areas. He said lower temperatures and several days of settling had stabilized the snowpack and reduced avalanche risk. Hayes added that Fed Chair Warsh will speak at Jackson Hole. As chief investment officer of a family office, Hayes said he focuses on one or two prices to judge whether fiat liquidity injections are accelerating or slowing, then quickly shifts his portfolio between long exposure and cash, without shorting. He identified EURJPY as his current core macro indicator. The full essay was published on the cryptohayes Substack account.