Allianz chief economic adviser Mohamed El-Erian said a yen break past 160 per
dollar would heighten speculation of Japanese FX intervention. U.S. Treasury
Secretary BESSENT, in an Aug. 27 letter, warned that as a major holder of U.S.
Treasuries Japan’s exposure means disorderly yen moves could trigger forced
liquidations, undermine global market stability and raise borrowing costs for
U.S. households and businesses.