“.. the only reason why the US Treasury and Scott Bessent are getting involved in defending the yen is because they don’t want US Treasuries to be a source of funds for the Japanese.”
What changed
@pboockvar
https://t.co/Xy6vzYNBM7 https://t.co/rYCbtqI7HX — via @CarlQuintanilla
Why it matters
Yen defense tied to Treasuries signals intervention risk and funding dynamics.