Washington Joins Tokyo in Rare Yen Intervention; Gold Gains on Currency Uncertainty - SchiffGold.com
Washington Joins Tokyo in Rare Yen Intervention; Gold Gains on Currency Uncertainty - SchiffGold.com
Source: SchiffGold.com
―
DW NOTE
Washington underwriting Tokyo's currency intervention marks a structural shift. The U.S. hasn't co-signed FX operations since the Plaza Accord era—when it had the capital account credibility to do so. Now it's burning political capital to defend a yen peg while running a $1.9 trillion deficit and watching the 10-year yield drift toward 4.75%. Gold isn't rallying on currency uncertainty; it's rallying because the reserve currency issuer just revealed it can't let allied currencies fail.