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Nonconsensus · Aug 3, 2026

A Well Timed Intervention

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While intervention on its own rarely changes the trajectory of exchange rate markets, conditions are aligning to support the JPY here and the Treasury & MoF efforts are a kickstart to grind higher.

There was probably no more consensus macro trade in recent weeks / months than being short the yen, further energized by the US rate surge driving a fresh bout of weakness. The coordinated MoF and Tr…

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Read on bobeunlimited.substack.com

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