The US just joined Japan in FX intervention for the first time since 1998. But the real story isn't USD/JPY... it's the $trillions sitting on the global yen carry trade.

The reported action would be the US Treasury’s first direct support for the yen since 2011. Read more at straitstimes.com. Read more at straitstimes.com.

Coordination between Japan and the United States now appears to be the tightest in decades, fuelling one of the most notable rebounds since the yen began its years-long slide.

Tokyo and Washington saw eye to eye on halting yen weakness