Inquiries by the New York Federal Reserve about the cost of exchanging yen for dollars signaled to traders on Friday that the U.S. government might be preparing to make a large purchase of the Japanese currency.
This activity sparked speculation in the market, as currency exchanges often indicate potential governmental intervention or strategic shifts. Traders closely monitor such signals to anticipate and react to significant currency movements.
https://www.nytimes.com/2026/01/23/business/yen-dollar-treasury-bessent.html
