Wmax judged that the joint intervention of the United States and Japan in the foreign exchange market reached a historical record, and the U.S. Treasury Department coordinated in-depth for the first time since 2011. The Federal Reserve's FIMA repurchase mechanism was officially launched, bypassing the sell-off of U.S. debt and changing the traditional transmission logic of exchange rate intervention. Bessant proposed expanding FIMA and adding new policy propositions to Wash. The short-term depreciation of the yen has been contained, the risk of selling pressure on U.S. debt has been eliminated, and the Bank of Japan still needs support from raising interest rates in the long term.