News of ​the potential intervention by the U.S. Treasury helped push the yen higher against the dollar on Friday. As shown below, the past 48 hours have seen no less than 5 distinct intervention attempts by the BOJ and/or the US Treasury to push the yen higher. The method of potential Treasury intervention was not immediately clear. The Federal Reserve has ​maintained a dollar liquidity swap line with the Bank of Japan and four other major central banks since 2013. Bessent ​added that "we think excess ⁠volatility in the yen isn't healthy" and that the yen has "substantially overshot what would be called an equilibrium price."