Japan Just Forced the U.S. Into an Impossible Choice

For the first time in nearly three decades, the US intervened directly in the yen market: selling euro reserves, blindsiding the EU, propping up the currency of its own largest foreign creditor. The official story is allyship. The real story is that the nation holding more US Treasuries than any other is one liquidity crunch away from dumping them into a market that already can't find enough buyers.

Taylor Kenney breaks down what that desperation actually signals. This wasn't a rescue. It was triage. Washington isn't choosing between a good option and a bad one. It's choosing which thing it can afford to let break first.

Meanwhile the dollar's share of global reserves keeps sliding, and central banks keep buying the one asset with no counterparty attached to it. They're not waiting for an announcement.

If the intervention was the good option, what exactly was the alternative?

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