A Rare Signal! The US and Japan Could Jointly Intervene in the Currency Market – What Does This Mean?
The New York Federal Reserve's (NYF) unusual "investigation" into the USD/JPY exchange rate is seen by the market as a significant signal that the US is ready to support Japan's intervention in the currency market. If joint action between the US and Japan materializes, short positions in the yen could face immense pressure, fueling speculation of a "Plaza 2.0." Japan is currently facing a dilemma between "protecting its currency or its bond market." US intervention would shift the pattern of unilateral intervention, potentially stifling the dollar, disrupting US Treasury bonds, and prompting a revaluation of global assets, leading to a significant increase in risk appetite and currency market volatility.
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