Japan just dropped ¥15T ($100B+) in July-Aug trying to prop up the yen—biggest FX intervention on record.
Result? $USDJPY still sitting at 159. Zero trend change.
Market's calling it what it is: buying time, not fixing structure.
When central banks burn through reserves and price action doesn't budge, that's your signal. Yen carry trade still alive, risk-on flows still hunting yield elsewhere.
If you're long dollar-denominated assets or positioning in crypto, this failed intervention is just more confirmation that liquidity keeps flowing where rates actually exist.
Result? $USDJPY still sitting at 159. Zero trend change.
Market's calling it what it is: buying time, not fixing structure.
When central banks burn through reserves and price action doesn't budge, that's your signal. Yen carry trade still alive, risk-on flows still hunting yield elsewhere.
If you're long dollar-denominated assets or positioning in crypto, this failed intervention is just more confirmation that liquidity keeps flowing where rates actually exist.