Student SpotlightMacro26 August 2026
Currencies and Control: Why the U.S. Intervened in the Yen's Collapse
The yen's collapse to ¥164 forced the largest coordinated US-Japan currency intervention since 1998, not out of allyship, but because Japan's $1.2 trillion in US Treasury holdings meant a disorderly slide threatened to spike American borrowing costs.
Japanese YenUS TreasuriesRates
Raheel Bhuiya7 min read
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