Verbal Coordination Holds

Japan's Ministry of Finance and the U.S. Treasury keep the response at the level of coordinated messaging, warning against excessive yen volatility without announcing new dollar sales. This is the most likely near-term outcome because the two governments already intervened in August and may prefer to conserve credibility unless USD/JPY breaks materially higher.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.