According to CoinMeta, CITIC Securities released a research report stating that the United States and Japan are jointly intervening in the foreign exchange market in order to prevent risks from spreading due to the continuous depreciation of the yen. The main dilemma Japan faces is that its domestic inflation remains below the target level set by the Bank of Japan, limiting the willingness to raise interest rates through monetary policy. At the same time, the tax reduction plans of Prime Minister Yoshihide Suga's cabinet may further widen Japan's fiscal deficit and weaken investors' confidence in yen assets. The concern for the United States is that Japan, in order to stabilize the exchange rate or reduce its holdings of U.S. Treasury bonds, may further push up long-term interest rates against the backdrop of a high supply of U.S. debt. Overall, short-term intervention by the U.S. and Japan in the foreign exchange market helps to stabilize market expectations, but with the interest rate gap between the two countries still high, there is limited room for the yen to continue to appreciate significantly. Compared to the Japanese stock market, the U.S. stock market still has more significant advantages in terms of earnings growth, industry structure, and the AI industrial chain.