Japan has spent more defending its currency this year than at any point in its history. It just lost the level again. USDJPY moved nearly 1% in minutes during US hours today. From above 160 down to the 158.70s. Lowest since August 24. Currencies that size don’t do that on their own… If it was Japan, that’s the Ministry of Finance, not the BOJ. And we won’t know until month-end data. They’ve already tried twice this year. ¥11.73 trillion across April and May. Roughly $73 billion, defending this exact level. Nearly DOUBLE the largest intervention in Japanese history. Then a joint operation with the US in late July. The yen has given back more than half those gains since. The problem is the rate gap. Japan is at 1%. The Fed is at 3.50-3.75% with a 70% chance of a hike this month. You can’t intervene your way out of that. You can only slow it down. Which is why Bessent has been pushing Ueda to hike instead. BOJ meets September 17-18. That’s the one that actually matters. If you want to know where I’m deploying capital, turn notifications on. A lot of people will regret not doing it.