The Japanese Yen just hit 159 per dollar — right back at the intervention zone.
Most people aren't paying attention yet. They should be.
When Japan intervenes in FX markets, they typically sell US Treasuries to buy Yen. That means more supply hitting an already fragile Treasury market — at a time when yields are sensitive and everyone's watching the bond market for signs of stress.
This isn't just a Japan story. It's a global liquidity story. And if intervention comes, it could ripple through rates, equities, and risk assets faster than people expect.
Watch the Yen. It's telling you something about what's coming.
Most people aren't paying attention yet. They should be.
When Japan intervenes in FX markets, they typically sell US Treasuries to buy Yen. That means more supply hitting an already fragile Treasury market — at a time when yields are sensitive and everyone's watching the bond market for signs of stress.
This isn't just a Japan story. It's a global liquidity story. And if intervention comes, it could ripple through rates, equities, and risk assets faster than people expect.
Watch the Yen. It's telling you something about what's coming.
