Katie Martin
speaker
44 appearances
1 recordings
1 series
first heard Aug 2026
last heard 4 Aug
Katie Martin’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
So these things are super, super rare.
First of all, the U.S.
likes to make a show of who its friends are.
So I think there's a geopolitical element here.
But also, Japan has two normal ways to support the yen.
One of them is to raise interest rates really, really quickly.
And the other one is to sell dollars.
Neither of these are great for the US.
If there were a situation where Japan was selling dollars, i.e.
selling US government bonds really quickly, then that would make what is already quite a sticky situation for the US much worse.
We've already had quite a lot of weakness in US government bonds.
So I think it's kind of a way to put an arm around Japan and say to the market, look, if you want to go for this currency, you have to come through us.
And that puts people off, at least to some extent, in selling the currency further.
But there's quite a lot of skepticism in markets around whether this can actually work without massive interest rate rises from Japan and without a big shift in the fiscal situation in Japan.
The big thing that it tells us is that if the U.S.
doesn't want Japan to be out there selling dollars and treasuries in large amounts to support the yen, it certainly doesn't want to be out there doing it itself, right?
The other element is that the US has a kind of pot of money that it can use for exchange rate stabilization.
And the vast majority of that is already in euros and yen.
So it's using what it's already got.
So it's not necessarily making a statement about the euro or about where it thinks the euro should be trading against the yen.
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