Picture the scene: the yen, battered, bruised, and trading like a punch-drunk boxer after forty years of slow-motion collapse, finally hits the canvas near multi-decade lows. Cue the U.S. Treasury and Japanese authorities rushing in with the financial equivalent of smelling salts and a defibrillator. They coordinated a rare intervention—first since the Clinton era—buying yen not by dumping dollars (that would be too honest) but by unloading euros first. How thoughtful. Protect the greenback’s dignity while pretending the patient isn’t terminal.
