Crypto TL;DR: 1️⃣ FIMA Repo Facility The U.S. doesn’t want 日本 to directly sell U.S. Treasuries on the order book, which would push down Treasury prices (and push up Treasury yields). So, 日本 as a major whale isn’t allowed to participate in the order book but can only use Treasuries as collateral to swap for USD with 美国. This is essentially an OTC trading tool provided by 美国 to stabilize Treasury yields. 2️⃣ New York Fed Operations Selling euros and buying yen to directly reduce 日本's incentive to sell U.S. Treasuries from the perspective of yen exchange rates.