A person walks past an electronic board showing the U.S. dollar and Japanese yen exchange rate at a securities firm in Tokyo on Monday, Aug. 3, 2026. Eichengreen noted that the decision of the US to take part in the intervention “contains troubling information about the dollar.” He cited comments by Matt King, the founder of the research and financial consultancy firm Satoru Insights, who said the intervention was “one part of a big connected picture.” “The decision and the manner of the intervention ultimately say as much about US vulnerabilities as they do about Japan,” he said. He noted that the typical move to defend the depreciating yen would be to sell Treasuries to support it.