All You Need To Know About The Record Yen Intervention: Why Goldman Thinks $100BN Isn't Enough

We start August with the biggest story in macro markets at the moment being the Yen.

It started with the suspected FX intervention on Thursday, which helped the yen to a +4.09% weekly gain against the dollar, its biggest in almost two years. That intervention was coordinated with the US, with Treasury Secretary Bessent saying the yen seemed “very undervalued”, while on Friday we saw reporting that the NY Fed carried out a rate check on the yen against the euro.