Executive Summary (BLUF) On July 31, the US Department of the Treasury executed a rare bilateral foreign exchange operation alongside the Ministry of Finance (Japan) and the Bank of Japan, purchasing Japanese Yen (JPY) to mitigate severe depreciation pressures and regional spillover contagion across Asian currency regimes. While officially framed as bilateral alliance solidarity, the … Leggi tutto US-Japan FX Intervention: Geofinancial & Yield Curve Risks