According to Jin10, the U.S. authorities initiated a currency inquiry in January to support the yen's exchange rate, as reported by Nikkei News on Tuesday. This action was taken proactively by the New York Federal Reserve on behalf of the U.S. Treasury, without a formal request from Japan's Ministry of Finance. U.S. Treasury Secretary Besent led the inquiry due to concerns that political uncertainty ahead of Japan's elections could cause market volatility, potentially impacting global financial markets. Senior officials close to Besent indicated that the currency inquiry was a preliminary step towards market intervention to purchase yen, should Tokyo request such action. The move aligns with the U.S. principle of using its economic influence to stabilize situations in allied nations, as noted by several senior U.S. officials.