ZeroHedge: Without Help "Either the Yen Collapses, or the JGB Disintegrates"

Yen Intervention Changes the Frame

Jan 28, 2026

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The following is authored by GoldFix and is a detailed original interpretation and  breakdown of the Zerohedge post titled  Plaza Accord II? After The Coordinated Global Yen Intervention, What Happens Next which is the only good summary of where we are and how we got here. It is a serious explainer piece for professionals and a must-read for their subscribers. Below is a slightly more accessible translation  ( like we do for Hartnett) geared for non-pros. A couple of their graphics were used as well.

A Yen Intervention That Changes the Frame

[T]he BOJ ended up begging the Fed to bail it out of its dilemma: either the yen collapses, or the JGB bond market disintegrates.

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