The joint US–Japan yen intervention was not a currency-stability measure. It was Washington making sure Tokyo could keep funding its $550 billion commitment to American AI infrastructure — and it marks the moment monetary policy formally joined chip controls and grid capacity as a lever of AI industrial policy. On the night of August 1st, Japan’s Ministry of Finance sold an estimated $58.97 billion to buy back its own currency — and for the first time since the 2011 tsunami, the US Treasury openly stood behind a Japanese intervention. Donald Trump told reporters days later that Tokyo simply “wanted a…
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