- In July 2026 the US sent money to steady the yen because Japan is the largest foreign owner of US debt, and Washington needs Japan to keep lending.
- For decades the Japan carry trade let Wall Street borrow yen at essentially 0% and pour it into US stocks, real estate and Treasuries, and rising Japanese rates are shutting that off.
- A weaker yen means fewer buyers for the dollar and for US debt, which pushes Treasury rates up and drags mortgage, car loan and credit card rates up with them.










