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NVIDIA CorporationNVIDIA CorporationMasahiko Loo, Senior Fixed Income Strategist at State Street Investment Management, said last week’s coordinated US-Japan currency intervention represents a deliberate shift away from selling US Treasuries to defend the yen. Loo explained that Japan’s typical intervention requires selling between $35 billion and $50 billion in Treasuries, which can jolt a bond market already near 12-month yield highs, with the 10-year Treasury yield at 4.68% on July 30, 2026, close to the 12-month high of 4.71%. Instead, the Foreign and International Monetary Authorities repo facility lets the New York Fed lend dollars to foreign central banks against pledged Treasuries, enabling intervention without physically liquidating bond holdings. Loo sees dollar-yen having peaked near 164, with 155 as the next key level as the pain trade flips direction, and USD/JPY traded at 156.77 on Monday, down substantially from 164.
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