A routine U.S. Treasury operation on [date] triggered automatic currency conversions that briefly pushed USD/JPY nearly 0.5% lower within minutes during a thinly traded Asian session. Officials familiar with the matter said the purchase was not intentional intervention, and the Treasury has not publicly commented. The pair later recovered and traded choppily near ¥159 during Tokyo afternoon trading on the 21st, moving between ¥158.86 and ¥159.13 as exporter selling capped gains and importer and institutional demand supported the dollar. Lower NYMEX WTI crude futures in the low-$86-per-barrel range created a mildly dollar-negative backdrop, while the U.S. 10-year Treasury yield held at 4.70%, limiting aggressive dollar selling. The episode was the second such occurrence in recent months and renewed questions about operational transparency. Market direction remains dependent on U.S. economic data, Federal Reserve officials’ comments, Treasury yields and crude oil prices, while the yen remains sensitive to the wide U.S.-Japan yield differential and potential government flows.