The first joint US-Japan currency intervention in roughly 15 years saw the NY Fed take an unusual route, dumping euros instead of dollars to prop up the battered yen. The US Treasury just did something it hasn’t done in about 15 years: it teamed up with Japan to buy yen in the open market. The coordinated intervention took place on August 1, with the yen trading near 40-year lows around 163.99 to 164 against the dollar. The last time the US and Japan jointly purchased yen was back around 2011, in the aftermath of the Tohoku earthquake and tsunami. Japanese officials’ warning that further action could follow means a potential continued carry trade unwind could create volatility spikes in crypto markets that have historically correlated with sudden yen moves.