This episode is sponsored by Nexo.ioCircle and FTX US.

“The Breakdown” kicks off the week with a look at one of the big global macro stories shaping markets right now, which is the first Bank of Japan interventions into the country’s currency markets in two decades. Some are speculating the BoJ’s actions could have implications for the U.S. as well because Japan has to liquidate its U.S. Treasury holdings to prop up the price of the yen.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Javier Ghersi/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.