According to CoinMeta, as reported by CNBC, the Federal Reserve may be drawn into the efforts of Treasury Secretary Scott Bennett (Scott Bessent) to support the Japanese yen. Bennett hopes that the Fed will expand a lending facility so that Japan can support its currency without affecting the sensitive U.S. Treasury bond market. The new Fed chairman, Kevin Warsh (Kevin Warsh), is seeking to rewrite the relationship between the Treasury Department and the Fed. Their cooperation could have a significant impact on managing the $29 trillion Treasury bond market and may lead to the Fed taking on a new role in U.S. financial diplomacy. Bennett stated on social media on Sunday that the United States has intervened in the foreign exchange market to support the yen. The yen has depreciated significantly since 2022 due to reasons including Japan's massive debt, an aging population, and recent high energy imports. Last Monday, the dollar briefly approached 164 yen, the lowest level since 1986. The U.S. intervention caused the yen to rebound 3.5% from its low point to near 157 yen.