Money, Empire & the World's Reserve Currency
เมื่อญี่ปุ่นไม่ทนต้องขายพันธบัตรรัฐบาลสหรัฐและจุดชนวน Dedollarization หากจีนและซาอุฯร่วมผสมโรง
Summary
Japan is under heavy currency pressure and has been defending the yen by selling reserves — most of which are US Treasuries, around $1.1 trillion of them.
Selling at scale genuinely moves the global system: a weaker dollar, higher rates, and possibly the start of a retreat from dollar dominance.
If China and Saudi Arabia sold alongside, the effect could compound into a multipolar monetary order.
Key points
The pressure comes from an ally, not a rival
Japan has no interest in damaging the dollar. It may simply need to sell to fix its own problem.
The size of the holding is the whole issue
At $1.1 trillion, selling even a portion registers in the market.
The compounding matters more than the single act
The real risk is others selling once they see it, not Japan’s own sales.
A turning point need not be a deliberate challenge
Large systems tend to shift because one participant had an internal necessity, not because a rival planned it.