As one of the largest foreign holders of Treasuries, Japan has long been viewed as a stable source of demand. In practice, this means Japan can access dollars to support the yen while continuing to hold its Treasury portfolio. Without the immediate risk of large-scale reserve liquidation disrupting Treasury markets, Japanese policymakers can focus on balancing currency stability, inflation, and domestic growth rather than exclusively defending the yen through outright asset sales. The Treasury market regularly clears trillions of dollars in daily trading volume, while foreign exchange turnover in dollar-yen is among the largest and most liquid currency pairs in the world. Intervention can most usefully influence prices via signaling, but it is unlikely to become a dominant driver of Treasury yields.