According to CoinMeta, Goldman Sachs believes that the U.S.'s support for Japan's measures to stabilize the yen is unlikely to undermine the dollar's status as the world's primary reserve currency. Japan is the largest foreign investor in the $31 trillion U.S. Treasury market. After the joint exchange rate intervention by the U.S. and Japan last month, there were concerns that such foreign exchange interventions, aimed at preventing sharp fluctuations in the U.S. bond market, could weaken market confidence in the dollar as a reserve asset. Goldman Sachs stated that this view is based on the assumption that the U.S. might attempt to prevent other countries from selling U.S. Treasuries in the future. Goldman Sachs strategist Michael Cahill pointed out in a report, "This seems a bit far-fetched, and we do not agree with the view that this action will damage the dollar's status as a reserve currency."