The real message in the yen intervention
The dollar’s status as a reserve currency is not what it used to be
Source: Financial Times
―
DW NOTE
Japan intervened in foreign exchange markets because the yen was collapsing, not because the dollar is losing reserve status. A central bank defending its currency against depreciation is the opposite of de-dollarization — it's proof you still need dollars to matter. If the dollar were genuinely weak, the BOJ would be selling yen to buy it, not the reverse.