* Japan liquidating its reserves to protect the Yen and its effect on US treasury yield or anything else can easily be undone by the Fed, if so desired. With an

* Japan liquidating its reserves to protect the Yen and its effect on US treasury yield or anything else can easily be undone by the Fed, if so desired. With an impact on the Fed's balance sheet for sure, but at a cost to Japan of liquidating its reserves * Instead the US Treasury intervened to protect the Yen, allowing Japan to maintain its reserves while there still ended up being balance sheet consequences for the US