Goldman Sachs' note is mainly discussing the suggestion by US Treasury secretary Bessent on Japan making use of a Fed borrowing facility called the the Foreign and International Monetary Authorities (FIMA) repo facility. For some context, the facility allows for foreign central banks to lend their Treasuries for short periods instead of outright selling them if need be. The note by Goldman Sachs touches on this and argues that while the FIMA facility may help, it is mostly just to smooth the process at the end of the day. We do not see Bessent's request that the MOF intervene using FIMA as an attempt to prevent Japan or other reserve managers from selling Treasuries. It is primarily a way to smooth the potential impacts from large-scale FX intervention, which could have disruptive effects on the Treasury market."