Japanese Prime Minister Sanae Takaichi warns that the government "will take all necessary measures to address speculative and extremely abnormal fluctuations," without specifying whether this refers to bond yields or exchange rates. Last Friday, the New York Fed's rare "inquiry" triggered market reactions, and Wall Street is buzzing about a possible joint intervention between the US and Japan. However, Goldman Sachs believes that pure market intervention cannot solve the fundamental issues; unless the Bank of Japan adopts a more hawkish stance or implements QE to stabilize the bond market, the yen and Japanese government bonds will continue to face pressure.