The Japanese yen plunged to its weakest level in nearly 40 years, and Wall Street believed the trade was unstoppable.
Then everything changed.
A leaked note from Treasury Secretary Scott Bessent suggested the U.S. was preparing to buy billions of yen alongside Japan. Within hours, one of the world’s biggest carry trades began to unwind, forcing short sellers into a massive squeeze.
Was this a coordinated U.S.–Japan rescue, or just the beginning of a much larger financial battle?
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