Javier Ghersi | Moment | Getty ImagesThe unprecedented U.S.-Japan intervention to support the yen may end up shaping market behavior. Japan has intervened in currency markets before, but this episode was bigger than usual. It was backed by Washington, reportedly executed using the euro-yen cross rather than directly in dollar-yen, and accompanied by explicit political support. "Currency market intervention has clearly taken on a geopolitical tinge," Prasad said, with Donald Trump's administration appearing more willing to support central banks of countries it views as aligned with U.S. priorities. If investors increasingly migrate to other funding currencies such as the euro, that could reshape positioning across major FX markets.