It's been a hot minute since the joint intervention from the US and Japan on the yen currency. There's no denying the symbolic nature of the US stepping in to help Japan in terms of intervention. First, the joint intervention implies the authorities' commitment to defending the yen is strong and that the cost of a failed intervention is high. Second, the shift to coordinated intervention with the US raises expectations for a broader policy framework aimed at stabilizing the yen. Third, coordinated intervention effectively blurs the ceiling associated with unilateral currency intervention.