Where does the huge amount of money for the Japanese government's intervention in the foreign exchange market come from? The answer may be "selling US Treasury bonds"

The Japanese government has provided a large amount of funds for its recent currency intervention measures by selling foreign bonds. In July, the Japanese government's holdings of foreign securities decreased by about $17 billion, with the reduction in foreign securities holdings suggesting a possible sale of US Treasury bonds again. Japan has injected funds equivalent to about 153 trillion yen for market intervention to support its currency. The narrowing interest rate differential between Japan and other countries is a major catalyst for the change in the yen exchange rate trend. The Bank of Japan raised interest rates to 0.25%, the Federal Reserve hinted at a rate cut in September, and the Bank of England lowered its benchmark interest rate. The exchange rate of the yen against the US dollar is approximately 146, up from 153 a week ago