Yen Intervention Narrative: What’s True And Not
Japan didn't just spark a currency crisis; it reminded everyone that the Fed has quietly backstopped the dollar for 60 years. The Yen intervention is not new, and while the "end of fiat, buy gold" crowd is right about the destination, they are wrong about the departure time. Every time somebody touches the plumbing of the financial system, the same story writes itself on social media before the ink is dry. This month, it was the yen intervention, and over the last couple of weeks, the timeline settled on three conclusions: The yen intervention was the "end game" for Japan, Bessent is quietly…
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