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Citigroup: Japan can support the yen
A report from Citigroup has anticipated that Japan possesses alternative tools to defend the yen's exchange rate without needing to sell its US bonds, which exceed a value of $1.1 trillion. Japanese authorities can utilize the Federal Reserve's repurchase agreement facility, allowing them to use holdings as collateral to obtain dollar liquidity. They can also rely on their deposits with foreign central banks and the Federal Reserve, or leverage euro-denominated assets to purchase the local currency. These measures come amid stability in the risk premium on US Treasuries and the markets' focus on the possibility that Japan might sell its bonds if pressure on the yen increases. Meanwhile, Japan continues to coordinate yen purchase operations with the US Treasury to ensure currency stability and financial market stability.
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