🚨 The Japanese yen just broke 162.40, its weakest level since 1986. It completely surpassed the July 2024 intervention low. Japan already spent 11.73 trillion yen, $72.4 billion, to defend it at 160 between April and May. The defense bought perhaps three weeks before USD/JPY came straight back through it. No one asks why the intervention failed so quickly. Not because Japan didn't spend enough. But because intervention treats the symptoms. The real driver is the interest rate differential between the Federal Reserve and the Bank of Japan, and this gap hasn't closed significantly. You can sell reserves to buy yen all day. If the yield gap remains wide, the carry trade flow refills the short position in expanding the whole$BTC $XAUUSD