Looks to us that Bank of Japan(BOJ) spent $35 billion of its $1.2t in fx reserves in its aggressive intervention yesterday. It won’t take many more of these ‘episodes’ to scare market participants out of their yen and into USD. Japan’s overnight interest rate is 0-.1% while SOFR is effectively 5.3%. Higher for longer in the could unhinge the yen and deepen the Asian currency crisis of 2023-2024. Yen falling back today. #yen #BOJ #China #HK