According to CoinMeta, Evercore indicates that the Federal Reserve's liquidity tools are insufficient to support long-term intervention in the Japanese yen. The institution points out that the long-term use of the Federal Reserve's repurchase tools by foreign and international monetary authorities may prompt the market to test the resolve of the United States and Japan to maintain the yen exchange rate. This tool allows overseas institutions to obtain US dollars using their holdings of US Treasury bonds as collateral, without the need to sell bonds in the open market to raise cash, but there is a daily usage limit of $60 billion. Evercore strategists say that this limit is only slightly higher than the amount used by Japan to intervene in the currency market on last Thursday. They believe that the market's focus on a limited repurchase tool carries the risk of backfiring; if a large-scale sale of US Treasury bonds is required to strengthen the yen, it may prompt the market to test the resolve of the United States and Japan. Furthermore, the purpose of this tool is to provide short-term liquidity support, not to serve as a sustainable source of financing. Therefore, any borrowing that is to be used continuously must be renewed on a rolling basis.