Yen Intervention: A US Treasury Shield, Not Just Currency Help
Friday’s joint US–Japan yen intervention briefly steadied dollar-yen around 156 after a move toward 164, but the FT’s Unhedged argues the motive is self‑preservation: shielding US Treasuries from higher yields by signaling Fed‑backed dollar liquidity via the FIMA facility, with Japan’s yields, US payrolls and Fed messaging likely to determine whether the effect lasts.