Investment firm Arkevium: The probability of the New York Fed conducting an exchange rate check on the Japanese yen is about 30%

"New York Fed conducting exchange rate checks is possible," said Maxence Visseau, founder of the company specializing in macro trading strategies. US Treasury Secretary Scott Besant "is interested in coordinating with Tokyo mainly because the rising Japanese government bond maturity premium has already spilled over to US Treasuries, directly affecting the US government's borrowing cost targets." Exchange rate checks make sense, as "doing so can conserve resources."