From todayJapan Confirms First Coordinated Yen Support With US in Nearly 30 Years

• 

  23%

  −1.5%

  Coordinated US-Japan official action to support the yen

  Coordinated yen support produces a 5% yen appreciation and a 1.5% broad-equity decline over 20 days, erasing $1.44 trillion in covered equity value. Technology bears the largest loss, while select Japan-linked financial and healthcare names gain as currency benefits outweigh weaker risk appetite.

  Technology −1.9% · Non-Energy Materials −1.6% · Finance −1.6%

• 

  18%

  −0.5%

  Unilateral Japanese intervention to support the yen

  Japan’s yen-support intervention strengthens the yen by 3%, while limited carry-trade deleveraging pulls the broad equity market down 0.5%, erasing $480B over 20 days. Technology and finance absorb the largest dollar losses, while selected yen-sensitive Japanese financial and healthcare exposures benefit because currency gains outweigh the market decline.

  Non-Energy Materials −0.6% · Finance −0.6% · Technology −0.6%