According to CoinMeta, Trump described the coordinated purchase of Japanese yen by the U.S. and Japan for the first time in decades as a “signal of friendship.” U.S. Treasury Secretary Steven Mnuchin stated that the Trump administration will keep its promises to America’s reliable partners. However, most observers believe that the situation is not that simple. Jonathan Fenton, a senior economist at the Washington International Finance Association, said, “We know Mr. Trump’s approach to business—there is no such thing as a free lunch.” Fenton and other analysts argue that the U.S.’s assistance to Japan in lifting the yen from its lowest level in nearly 40 years involves various American interests. The U.S. government hopes that Japan will continue to implement its $550 billion investment plan in the U.S. and may seek further concessions in trade negotiations. Mnuchin expressed concerns about how Japanese policies could affect the U.S. Treasury market, which is worth trillions of dollars; on the same day the U.S. intervened in the yen market, the yield on 10-year U.S. Treasuries reached its highest level since he took office.