It has emerged that US monetary authorities conducted a rate check for the second time this year, querying financial institutions on dollar-yen levels. Amid yen depreciation and dollar appreciation driven by worsening Middle East tensions, along with rising long-term interest rates in Japan and the US, the US side appears to have aimed at calming markets out of concern over spillover turmoil in foreign exchange. Treasury Secretary Bessent stressed that excessive volatility in the yen is not healthy, and the US Treasury's currency report explicitly stated that excessively sharp yen moves are undesirable. The action came at a time when the Federal Reserve held off on rate hikes and US inflation indicators pointed to easing price pressures, softening upward pressure on US rates and prompting dollar weakness. According to Reuters, there is speculation that South Korea, where the won has plunged, also conducted won-buying, dollar-selling intervention, and Vice Finance Minister for International Affairs Atsushi Mimura said, 'We are not only in contact with the United States,' hinting at possible trilateral coordination.