- The U.S. dollar slid from above 163 yen to around 156 after Washington and Tokyo confirmed joint intervention.
- Japan is trying to curb the yen’s inflationary weakness, while the U.S. also sees economic and trade benefits.
- Tokyo plans to use the Fed’s FIMA repo facility, avoiding Treasury sales that could disrupt U.S. funding markets.
- The U.S.-Japan rate gap remains intact, meaning pressure on the yen could return despite the intervention.
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