# Why the yen matters

An episode of [Unhedged](https://invisiblenetwork.ai/podcast/1691284824), 11 Aug 2026, 22 min.

Audio: https://sphinx.acast.com/p/open/s/6478a825654260001190a7cb/e/6a7b709df91cd396b39a6705/media.mp3

Investors were surprised when they learned that the US was selling euros to prop up the yen. But was this support for an ally? Or worries about interest rates at home? Today on the show, Katie Martin and Alphaville reporter Toby Nangle unpack this unusual move. Also, they go long rain and long cheese futures. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at unhedged@ft.com. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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