According to CoinMeta, JPMorgan Chase stated that the liquidity resources available to the U.S. Treasury Department to support further coordination of monetary interventions with Japan are limited, but these resources could be significantly expanded if officials took more unconventional measures. Strategists such as Junya Tanase wrote in the report that as of June, the Treasury’s Exchange Rate Stabilization Fund held assets valued at about 13 billion euros and $25.5 billion, which pales in comparison to Japan’s intervention scale of approximately $35 to $60 billion between 2022 and 2026. JPMorgan Chase noted that the Treasury Department could greatly expand its capabilities by converting its holdings of International Monetary Fund Special Drawing Rights (SDRs) into dollars, as well as by exchanging foreign currency assets for dollars. In this scenario, the Treasury Department could theoretically utilize up to about $187 billion, and the participation of the Federal Reserve could effectively double the scale of any intervention. However, they wrote, “We do not believe that the Treasury Department can intervene with unlimited capacity, as the resources of the Exchange Rate Stabilization Fund are limited, and new funds may require congressional appropriation.”