Bloomberg's Nick Timiraos highlighted that while FX swaps and the Fed's FIMA repo facility were designed to help foreign institutions fund themselves in dollars and prevent central banks from selling Treasurys, Japan's current need for dollars is to sell them in the market to strengthen the yen. This indicates an exchange-rate policy objective rather than liquidity provision. Timiraos noted that the Federal Reserve's website, last updated in 2021, states that FIMA repo is intended for liquidity, not exchange rate policy.