{"id":59003,"date":"2026-02-23T21:08:32","date_gmt":"2026-02-24T01:08:32","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/us-treasury-initiates-yen-rate-checks-as-fedex-sues-trump-administration-over-tariffs\/59003\/"},"modified":"2026-02-23T21:08:32","modified_gmt":"2026-02-24T01:08:32","slug":"us-treasury-initiates-yen-rate-checks-as-fedex-sues-trump-administration-over-tariffs","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-treasury-initiates-yen-rate-checks-as-fedex-sues-trump-administration-over-tariffs\/59003\/","title":{"rendered":"US Treasury Initiates Yen Rate Checks as FedEx Sues Trump Administration Over Tariffs"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Treasury Secretary Scott Bessent<\/strong> initiated a rare &quot;rate check&quot; on the <strong>Yen-Dollar pair<\/strong> in January, a preliminary step toward potential currency intervention to stabilize the yen during Japanese political volatility.<\/li>\n<li><strong>FedEx (<a href=\"\/stock\/FDX\">FDX<\/a>)<\/strong> has filed a lawsuit against the <strong><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> administration<\/strong> seeking a full refund for &quot;emergency tariffs&quot; recently deemed illegal by the <strong>U.S. Supreme Court<\/strong>, part of a broader <strong>$175 billion<\/strong> refund dispute.<\/li>\n<li><strong>Japanese Government Bond (JGB)<\/strong> yields fell across the curve, with the <strong>10-year yield<\/strong> declining 5 basis points to <strong>2.055%<\/strong>, tracking a rally in the U.S. Treasury market.<\/li>\n<li>A military operation to capture <strong>Nemesio &quot;El Mencho&quot; Oseguera Cervantes<\/strong>, leader of the Jalisco New Generation Cartel, resulted in at least <strong>73 deaths<\/strong> and triggered widespread violence across Mexico.<\/li>\n<li>Tensions have surfaced between <strong>Washington and Seoul<\/strong> regarding the scale of the upcoming <strong>&quot;Freedom Shield&quot;<\/strong> military exercises, as South Korea seeks to minimize on-field drills.<\/li>\n<\/ul>\n<h2>Currency and Bond Market Developments<\/h2>\n<p>U.S. Treasury Secretary <strong>Scott Bessent<\/strong> spearheaded a &quot;rate check&quot; on the Japanese yen in late January, according to sources cited by <em>Nikkei<\/em>. The move, conducted by the <strong>Federal Reserve Bank of New York<\/strong>, was an unusual step taken without a formal request from Japan\u2019s Ministry of Finance. It was intended to curb yen volatility ahead of Japan\u2019s general election on February 8, successfully pushing the currency from <strong>158 to 155 per dollar<\/strong> following the intervention alert.<\/p>\n<p>In the fixed-income markets, <strong>Japanese Government Bonds (JGBs)<\/strong> saw significant gains on Tuesday, mirroring a rally in U.S. Treasuries. The <strong>10-year JGB yield<\/strong> dropped to <strong>2.055%<\/strong>, while the <strong>20-year yield<\/strong> fell 4.5 basis points to <strong>2.865%<\/strong>. Investors are increasingly seeking safety in sovereign debt as geopolitical tensions and trade policy uncertainty weigh on global sentiment.<\/p>\n<h2>Corporate Legal Challenges and Trade Policy<\/h2>\n<p><strong>FedEx (<a href=\"\/stock\/FDX\">FDX<\/a>)<\/strong> has officially sued the <strong><a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> administration<\/strong> in the U.S. Court of International Trade. The logistics giant is demanding a &quot;full refund&quot; of duties paid under the <strong>International Emergency Economic Powers Act (IEEPA)<\/strong>, which the Supreme Court ruled was used improperly to bypass Congressional authority. The ruling has shifted the mood for small U.S. importers from &quot;elation to insanity&quot; as they navigate a chaotic and potentially lengthy refund process that could involve over <strong>300,000 businesses<\/strong>.<\/p>\n<p>Despite the legal turmoil, <strong>China stocks<\/strong> are expected to see a resilient reopening. Market analysts point to a combination of <strong>tariff relief<\/strong> following the SCOTUS decision and continued &quot;AI buzz&quot; as primary drivers for investor optimism. However, the broader economic outlook remains clouded by the administration&#39;s vow to fight the refund claims in court, potentially delaying the return of billions in corporate capital.<\/p>\n<h2>Geopolitical Instability in North America and Asia<\/h2>\n<p>Mexico is facing a severe security crisis following the death of <strong>Nemesio &quot;El Mencho&quot; Oseguera Cervantes<\/strong>. The operation to capture the Jalisco New Generation Cartel (CJNG) leader left <strong>73 people dead<\/strong>, including security forces and suspected cartel members. The aftermath has seen cartel retaliations in at least 12 states, with over <strong>250 vehicles<\/strong> set on fire and major transit routes blocked, prompting the U.S. State Department to issue shelter-in-place alerts for citizens in the region.<\/p>\n<p>In East Asia, a rift has emerged between the <strong>U.S. and South Korea<\/strong> over the <strong>Freedom Shield<\/strong> war games. The administration of South Korean President <strong>Lee Jae Myung<\/strong> has proposed scaling back the exercises to avoid provoking North Korea, a move the U.S. military has met with reluctance. Meanwhile, Japan continues to bolster its regional influence, seeking new cooperation agreements with <strong>Pacific island nations<\/strong> to ensure &quot;free and open&quot; seas in the face of rising maritime competition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Treasury Secretary Scott Bessent initiated a rare &quot;rate check&quot; on the Yen-Dollar pair in January, a preliminary 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