According to CoinMeta, the U.S. Treasury Department has warned major banks that intervention in the Japanese yen market could occur on Friday. Treasury Secretary Scott Bessent described the yen as “very undervalued” and stated that excessive volatility is not healthy for the market. The yen has once again become a focus after experiencing a single-day intervention of up to $59 billion. The Treasury Department notified several major banks through the Federal Reserve Bank of New York to “be prepared for future actions,” a move that could affect the dollar, Treasury yields, and Bitcoin. Bessent also said that the yen has far exceeded its normal or “equilibrium” value. If Japan continues to sell U.S. Treasurys to support the yen, it could have an impact on global liquidity and the dollar.