The yen just hit 160 per dollar again. That's the line in the sand where Tokyo usually steps in.
What's more interesting: Bessent's letter to Warren basically admits the quiet part out loud. Japan holds a mountain of US Treasuries. If the yen keeps melting and forces them to liquidate, it's not just their problem — it ripples straight into US borrowing costs.
This is the real currency risk nobody talks about. Not some theoretical contagion. Actual forced selling that hits mortgage rates in Ohio.
Markets are connected. When a major holder of your debt is under pressure, you don't get to pretend it's someone else's mess. Intervention speculation isn't drama — it's damage control before things get messy.
Watch the yen. It matters more than people think.
What's more interesting: Bessent's letter to Warren basically admits the quiet part out loud. Japan holds a mountain of US Treasuries. If the yen keeps melting and forces them to liquidate, it's not just their problem — it ripples straight into US borrowing costs.
This is the real currency risk nobody talks about. Not some theoretical contagion. Actual forced selling that hits mortgage rates in Ohio.
Markets are connected. When a major holder of your debt is under pressure, you don't get to pretend it's someone else's mess. Intervention speculation isn't drama — it's damage control before things get messy.
Watch the yen. It matters more than people think.
