US sells euros to back the yen, catching the ECB by surprise
TL;DR
Washington’s move to sell euros to buy yen blindsided the ECB, marking a rare, less-coordinated Western currency intervention. The action used the Exchange Stabilization Fund without formal coordination with foreign authorities, highlighting a break with decades of mutual trust among central banks and prompting questions about future cooperation in currency markets.
Topics:businessglobal-economy#bank-of-japan#central-bank-intervention#currencies#european-central-bank#global-economy#us-politics-and-policy
- US euro sale to prop up yen blindsided European Central Bank Financial Times
- Opinion | The Real Reason Behind Trump’s Yen Intervention The New York Times
- A 'weaponized' yen: How the U.S.-Japan intervention may reshape global currency markets CNBC
- Opinion | The Treasury Department isn’t a hedge fund The Washington Post
- Carry Trade Is Powering On as Investors Sidestep Yen’s Gains Bloomberg.com
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