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Japan’s Currency Crisis Is Now America’s Problem

Graham Stephan — Aug 3, 2026 — talk

Why watch

Explains how Japan's decades-long low interest rate policy created a profitable yen carry trade that funneled capital into US assets, and why Japan's recent currency intervention (selling nearly $59 billion in US dollar assets) is now threatening Treasury markets and potentially driving up US interest rates. Targeted at investors seeking to understand macro-economic cross-border financial flows.