We're a bit far down in the thread, but I'd be interested in knowing why this alleged outflow of cheap yen didn't keep pushing the currency down. It's been flat

We're a bit far down in the thread, but I'd be interested in knowing why this alleged outflow of cheap yen didn't keep pushing the currency down. It's been flattish in the 100-150 band for decades. I had to fact check the Japan having most treasuries, it's true, see this chart: https://economicsinsider.com/top-15-largest-us-treasury-holders/ https://economicsinsider.com/top-15-largest-us-treasury-hold... As an aside, the presence of "Luxembourg" and "Grand Cayman" on that chart is a bit of a tipoff as to how the global economy works.