Is this an accurate summary of the situation with JPY? 1/ Japan runs up massive public debt in the 1990s–2000s after asset bubble collapses 2/ Central bank keeps rates near zero for decades to fight deflation and keep the debt serviceable 3/ The world borrows in JPY almost for free and leverages up (aka the yen carry trade) 4/ That cheap leverage flows into higher-yielding assets, including US equities and bonds 5/ Today the Bank of Japan is raising rates to normalize policy amid inflation and a weak yen 6/ Higher Japanese rates + stronger yen force carry trades to unwind 7/ This creates selling pressure that puts US equities at risk 8/ Japan intervenes to support the yen 9/ That’s not enough so now the US Treasury joins in by buying yen ??