The Japanese yen has already given back roughly half of its ‘intervention’ gains.

That intervention told us a lot about the growing impact of high debt levels and interest rates on both fiscal and monetary policy. It is now abundantly clear that the U.S. Treasury Secretary will go to great lengths to prevent other countries from selling their Treasuries and that he wants the ‘independent’ Federal Reserve to help him achieve that. The intervention also confirmed, once again, that Japan, one of — via @jsblokland

Yen intervention reversal signals fiscal-monetary strain, with Treasury Secretary actions underscoring policy pressure.