🚨 This hasn't happened since 2011. Japan and the US just moved together to stop the yen's slide, according to Reuters. Japan's Finance Minister Satsuki Katayama will announce Monday that Tokyo and Washington took joint action to stop the yen's slide to 40-year lows, the first joint US-Japan intervention since 2011. Why this matters beyond FX: Japan holds over $1 trillion in US Treasuries. If intervention pushes Tokyo to sell down those holdings, it risks a selloff in US debt and higher US yields, the opposite of what Washington wants. This isn't just "yen goes up." It's the US and Japan coordinating to defend the yen without triggering a bond market shock on the other side. (image: Grok)