PremiumWe 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.
All You Need To Know About The Record Yen Intervention: Why Wall Street Thinks $100 Billion In Not Enough
"This coordinated intervention should be viewed not just as a temporary yen-buying operation, but as a broader policy signal spanning FX, JGBs, Treasuries, and BOJ normalization... carry trades will re-emerge once the adjustment has run its course." - Goldman Sachs
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