U.S. Treasury Secretary Besant recently publicly called on the Federal Reserve to expand the scope of the 'Foreign and International Monetary Authorities Repo Facility' (FIMA Repo Facility), sparking market speculation about whether the Fed will take more direct action to help Japan stabilize the yen. If this tool is approved, Japan could avoid selling its U.S. Treasury holdings, which would otherwise push up Treasury yields, and instead use Treasuries as collateral to obtain U.S. dollars. This would, in effect, inject dollar liquidity into the market.