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The joint intervention between the US and Japan in the yen exchange rate is nominally aimed at preventing risks from spreading to US bonds in Japan, but the core principle behind this is that the US needs to avoid being drained by Japan in reverse! Unexpectedly, the yen risk that had been chased for a long time was ignored by everyone. Last week, a joint intervention by the US and Japan made this topic a market hotspot. From the yen stabilizing at 160, then increasing the risk of reaching 162, and eventually pushing it to the sensitive 165 zone, people seemed indifferent to yen risk. But the facts proved that the yen risk has always existed, and for the US, this risk is chain-related. Because the US and Japan are deeply tied to the alliance and economy, Japan cannot collapse. Especially at this sensitive stage, the development of yen risk expansion! 1. Since last year, the yen has continued to weaken, especially after the US-Iran policy in March, which increased inflationary pressures. Japan continues to face imported inflation pressures and expectations of a weaker yen, increasing the momentum to short the yen. 2. The Japanese government intervenes by raising interest rate expectations → → fiscal policy adjustments→ and has basically used a lot of available methods. As I said before, the more methods the Japanese government uses, but the increasingly uncontrolled the yen means the government has run out of options. This also means that the Japanese government and central bank have experienced serious policy divisions and loss of control. 3. Two months ago, Finance Minister Katayama frequently communicated with Bensent about exchange rate management, and Betcent's attitude gradually changed, shifting from initially default to now supporting exchange rate intervention. 4. The Japanese government has repeatedly made currency exchanges