If Japan wants to slow its FX devaluation, they could raise rates. However, that would greatly increase their deficit, which the BOJ would have to monetize, and thus accelerate money supply growth.
Or they could sell U.S. Treasuries, of which they are the largest foreign holder.
https://x.com/LynAldenContact/status/1783966787454824791
..but wouldn't selling UST push yields higher?
