[Japan's central bank may exploit low trading volumes](https://www.marketwatch.com/story/with-the-yen-at-a-40-year-low-heres-when-japan-could-intervene-to-catch-the-market-off-balance-63a446c8) over the July 4th holiday to push the yen higher. Everyone's treating this as a technical tailwind for US multinationals' earnings translation. Wrong frame. A 40-year yen low isn't a currency opportunity — it's a red flag that Japan's growth story is broken.

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