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Japan spent hundreds of billions of dollars buying yen, and there’s a high probability it will revert to its original state in 5-7 days.
They intervened in 2022 and it was reversed.
They intervened again in 2024 and it was reversed.
Today, they did it once more.
The US-Japan interest rate differential hasn't changed by a single point, and carry trade traders are still active, and the logic of shorting the yen remains.
The policy hasn't changed; no matter how much money is spent, it’s just pouring into a leaky bucket.
The only thing worth watching is that this time the Federal Reserve preemptively "inquired," and the Treasury Department didn't oppose it. If the US and Japan are truly acting in concert, it’s not just the yen that’s affected, but the narrative around the US dollar itself.
But this is still uncertain; today’s intervention won’t last long.