Japan spent $53 billion intervening in the currency market on Thursday. This is probably the largest single day intervention in history.
And it only gets better because the US Treasury has reportedly told a number of banks through the NY Fed to stand by for future actions in the yen market.
Well, Japan owns $1.1 trillion of US Treasuries, and a yen in free fall forces Japanese institutions to fund hedges and repatriate. USDT is obviously the asset they would sell.
The US 30 year is at a 19 year high with $8 trillion of paper maturing inside a year. Washington can't afford its biggest foreign creditor to become a seller, so it's cheaper to buy yen than to buy back its own bonds.
https://archive.ph/DVm6q