- The U.S. and Japan staged their first joint yen intervention in 30 years—Japan reportedly bought over $50B and the U.S. about $5–$10B—but the yen only briefly strengthened (from ~164 to ~157) and later drifted back to around 159.
- Analysts say the intervention treats symptoms, not causes: Japan’s huge debt, big fiscal stimulus and the BoJ’s slow rate hikes keep the yen vulnerable and raise risks for global markets and the yen “carry trade.”
- Critics warn the move is short‑term, could unsettle dollar/Treasury dynamics, and argue the BoJ needs a much bigger policy shift (scaling back bond buying so yields rise) to truly stabilize the yen.
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