Today (August 3), Lianhe Zaobao reported: "President Trump said that the United States participated in last week's foreign exchange market intervention to push up the yen's value, in order to demonstrate friendship between the two countries."

On Sunday (August 2), Trump told reporters aboard Air Force One: "They needed a little help, and we will always support Japan." He also referred to the strong relationship between the two nations, saying, "Japan has always been good to us—of course, except for Pearl Harbor. Most importantly, it's a friendly signal."

Commentary: The U.S. helping the yen appreciate is by no means purely out of goodwill—it's fundamentally driven by selfish financial calculations. The real motive is to prevent Japan from dumping U.S. Treasury bonds, stabilize the U.S. bond market, and maintain domestic financial conditions. At the same time, it serves to moderately weaken the dollar, boosting U.S. exports. The so-called 'friendship' is merely a polished public relations cover. This currency intervention has been nothing but a self-serving, mutually beneficial manipulation rooted in American interests.

This incident also exposes the U.S.'s double standards in foreign exchange rules: previously, when other countries made minor adjustments to their exchange rates or sought to stabilize their currencies, the U.S. would accuse them of currency manipulation and unfair competition, subjecting them to criticism and pressure. Yet now, the U.S. itself is directly intervening in the foreign exchange market, artificially pushing up the yen’s value to stabilize its own bond market and protect its financial interests—while framing this self-interested action as a gesture to uphold market order and show kindness to an ally. In reality, international exchange rate rules have always served as tools for the U.S. to constrain others while exempting itself—completely determined by American interests and dominant discourse.

Original source: toutiao.com/article/1872461815271562/

Disclaimer: The views expressed in this article are solely those of the author.