Artificial Tailwind: BOJ’s Record $100B Intervention Masks Rising Geopolitical and Macro Risks

On a normal day, the dominant story would be the Bank of Japan’s massive, near $100B (confirmed) overnight intervention in USD/JPY, with suspicions it also extended into oil futures. There are growing reports that the U.S. Treasury may have joined the effort, which collectively drove the dollar, oil, and Treasury yields lower, all of which…