The MUFG Global Markets Podcast
Aug 7, 2026 · 13 min · 8 segments
Derek Halpenny, Head of Research Global Markets EMEA & International Securities sits down with James Roulston in FX Institutional Sales to discuss the FX and rates impact following the much weaker…
Derek HalpennyHost
James RoulstonHost
And there are other elements, like, you know, I would describe the U.S. involvement on this occasion as somewhat half-hearted.

kind of for their own specific domestic reasons, in particular U.S. Treasury yields.

So, you know, and then there's this talk about Japan using FEMA, the repo window, to swap U.S. Treasuries rather than selling them.

But by stating this is the message from the U.S. that they're conscious of the implications for the U.S. financial markets specifically.

And there are other elements, like, you know, I would describe the U.S. involvement on this occasion as somewhat half-hearted.

kind of for their own specific domestic reasons, in particular U.S. Treasury yields.

So, you know, and then there's this talk about Japan using FEMA, the repo window, to swap U.S. Treasuries rather than selling them.

But by stating this is the message from the U.S. that they're conscious of the implications for the U.S. financial markets specifically.
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