USD/ JPY: Do we Ignore it?

A Picture's worth a 1,000 Words......Price, a Thousand Opinions?

Those that remember 1998...post Intervention BUT pre: LTCM / Russia Train- Wreck.. Question being: Was Situational Awareness similar? Citadel's OUT but the Risk Remains in the Market as Price cares LITTLE about WHO held the Risk (Situ- Aware).....WHAT the Market DID back before Citadel 'came to the rescue' was 'Lose the Bid.'

Is Dollar/ Yen seeing something we don't? Are their $ Sellers in the shadows?

We're 'just saying' Willis & NOTHING more......Price Action amid the calm.

And just for kicks: TOKYO USD/JPY Trade (You know 'who' monitors this).

Q: 'Who' has the most to lose should the Yen strengthen? Domestic Japanese Yen Capital deployed & allocated outside Japan (Short Yen), including Mrs Watanabe. Just so you know. Hedging IS a Thing. For Dollar/ Yen.....it's THE thing.

Trump & Bessent are playing for Main Street; Wall Street Bankers Dealing with Japanese issued Chips. Who 'holds' the Cards?