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Cover for The U.S. Bond Crisis | The FIMA–Bond–Dollar–Yen Mechanism: A Complete Breakdown

MACROFREE

LATEST

Aug 20, 2026

The U.S. Bond Crisis | The FIMA–Bond–Dollar–Yen Mechanism: A Complete Breakdown

Why Bessent is trying to put out a forest fire with a bottle of water — and what happens when the bottle runs out.

#yen#carry-trade#fx

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Cover for Japan Cannot Buy Yield: The Ministry of Finance Against the Carry Trade Machine

FEDPRO

Jun 10, 2026

Japan Cannot Buy Yield: The Ministry of Finance Against the Carry Trade Machine

Tokyo has deployed a record $73 billion defending the yen. USDJPY held near 160. That is not a failure of will. It is proof that intervention is a liquidity event, and the carry trade is a structural one — and the two instruments exist in entirely different dimensions of force.

#japanese-yen#boj#fx

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Cover for 美元帝国三部曲 02: 结构性失衡：美元体系的应力来源、传导路径与再定价前兆AM

MACROPRO

Feb 10, 2026

美元帝国三部曲 02: 结构性失衡：美元体系的应力来源、传导路径与再定价前兆AM

本文不讨论美元是否“衰落”，也不讨论是否存在“替代货币”。本文只做一件事：在既定美元体系不变的前提下，识别其内部已发生且不可逆的结构性失衡。一、研究前提与方法论声明（很重要）在进入正文之前，必须先明确本文的研究边界，否则任何讨论都会滑向意识形态。

#dollar#fx#trading

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