🇯🇵 Bank of Japan is quietly stepping toward currency intervention as USD/JPY flirts with the danger zone near historic highs.
Here’s the part markets are missing 👇
Japan is the largest foreign holder of U.S. Treasuries
To defend the yen, Japan must sell dollars & buy yen
Those dollars sit in FX reserves → largely U.S. bonds
If intervention escalates:
→ Treasuries face pressure
→ Yields jump
→ Liquidity tightens
→ Stocks feel it
→ Crypto usually reacts first
Japanese long-term yields are already flashing stress.
This isn’t just FX anymore — it’s a global liquidity risk.
Markets aren’t pricing it yet. But they will.
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