Goldman Sachs said that the US supports Japan's move to boost the yen and is unlikely to damage the US dollar's position as the world's most important reserve currency. “This seems like an overinterpretation,” Michael Cahill and other strategists wrote in a report. “We don't think this will have a negative impact on the dollar's reserve currency position.” The bank pointed out that the Japanese authorities can use the Federal Reserve's “Overseas and International Monetary Authority Repurchase Transaction Arrangements,” which allows foreign central banks to raise dollars without selling US bonds. The report points out that this highlights one of the core advantages of the US dollar: in normal times, a deep capital market can meet the needs of countries to build reserves, and in times of pressure, it can also provide a channel for obtaining liquidity. The strategists added, “We believe that the US Treasury's initiatives, along with the availability and utility of the FIMA repurchase mechanism, help prove that no other currency can match the dollar's practical value, network effects, and supporting infrastructure.”

Goldman Sachs said that the US supports Japan's move to boost the yen and is unlikely to damage the US dollar's position as the world's most important reserve currency. “This seems like an overinterpretation,” Michael Cahill and other strategists wrote in a report. “We don't think this will have a negative impact on the dollar's reserve currency position.” The bank pointed out that the Japanese authorities can use the Federal Reserve's “Overseas and International Monetary Authority Repurchase Transaction Arrangements,” which allows foreign central banks to raise dollars without selling US bonds. The report points out that this highlights one of the core advantages of the US dollar: in normal times, a deep capital market can meet the needs of countries to build reserves, and in times of pressure, it can also provide a channel for obtaining liquidity. The strategists added, “We believe that the US Treasury's initiatives, along with the availability and utility of the FIMA repurchase mechanism, help prove that no other currency can match the dollar's practical value, network effects, and supporting infrastructure.”