The New York Fed Intervention Friday to Sell EUR And Buy JPY Was At The Direction of US Treasury Secretary Scott Bessent …
The New York Fed intervention Friday to sell EUR and buy JPY was at the direction of US Treasury Secretary Scott Bessent, not BoJ, though there is BoJ coordination. Such Treasury interventions use the Exchange Stabilisation Fund managed for the Treasury by the New York Fed.
In… https://t.co/SQONyfntZ8 pic.twitter.com/QcJqruviUA
— Kathleen Tyson (@Kathleen_Tyson_) August 1, 2026
10y UST yield (blue, RS) v. USDJPY*oil (red, LS), since BOJ lifted YCC ceiling on 10y JGB’s in July 2023.
The Iran war & Hormuz closure many said would break China is instead breaking Japan & the UST market first.
This is why Bessent is supporting the JPY, but it won’t work,… pic.twitter.com/7f9beUsVdR
— Luke Gromen (@LukeGromen) August 1, 2026