The Rhyme: U.S. Buys Yen for First Time in 28 Years & Its 1998 Echo
Japan now holds $1.14 trillion in U.S. Treasuries. Every dollar it spends defending the yen is a dollar it may have to raise by selling those bonds — pushing yields higher, strengthening the dollar, weakening the yen further. Bessent has a plan to break that loop. It requires Kevin Warsh's cooperation.
