Citing analysis from Wallstreetcn, the U.S. and Japan jointly intervened in the foreign exchange market, pushing the Japanese Yen from 163.65 back to around 159.09, marking its largest weekly gain since February. U.S. Treasury Secretary Besant confirmed this coordinated action on August 2nd. Analysts, including former Wall Street fund manager Ed Dowd, believe that the core logic behind this intervention was to postpone the risk of a sharp rise in U.S. Treasury yields until after the U.S. midterm elections, rather than being driven by long-term economic logic. Besant also supported expanding the FIMA Repo Facility, which is seen as a hidden yield curve management tool. Analysis suggests that the intervention did not address the structural reasons for the Yen's weakness, and with political drivers potentially disappearing after the midterm elections, the real test for the Yen is just beginning.