The U.S. Treasury Department and Japan have taken the unusual step of jointly stabilizing the Japanese Yen in global currency markets. Bipan Rai explores the direct implications for currencies and yields—and whether it marks the return of a more activist era in global FX policy. This podcast was recorded on August 4, 2026.

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E42 - Why the US Intervened in the Yen’s Historic Slump

The Open Outcry

E42 - Why the US Intervened in the Yen’s Historic Slump