In fact, the intervention was undertaken because of fears of its repercussions for the US financial system. Trump’s much touted “strength” of the US financial system is belied by the runway escalation of its debt. In a statement on Monday, Japan’s finance minister Satsuki Katayama said: “This joint action … countered excessive volatility and disorderly movements in the Japanese yen in recent months. Buy Japanese Yen (JPY) $5-10 bil,” said on social media that the “coordinated foreign exchange actions countered disorderly yen movements” and that the Treasury would “not hesitate to participate in further joint intervention.” The falling Japanese yen was often portrayed as a domestic Japanese concern, but the weakening yen may be the expression of a structural problem that could shake global markets, “exposing vulnerabilities not only in Tokyo but also in Washington.”