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🚨JUST IN: 🇯🇵Japan just made a major move to defend the yen. USD/JPY dropped from 164 to 157 after Japan intervened in the currency market, spending around $52.8B to support the yen. The bigger story: For years, investors have borrowed cheap yen and used it to buy risk assets around the world. If the yen continues strengthening, that trade could start unwinding. And when leverage built up over years starts moving, the impact rarely stays in one market. This is something every risk asset investor should be watching.