US-Japan Yen Intervention and Dollar Liquidity

Coordinated $53B yen intervention (first since 1998) using euros, undercutting dollar confidence. Bessent pushing FIMA expansion. New analysis highlights $1.1T Treasury liquidation risk, sterilization critique, and target-range proposal. Carry trade unwind risk remains. Experts predict yen decline resume due to BOJ yield suppression. H.4.1 report key monitor.