According to CoinMeta, Mohamed El-Elian, chief economic advisor to Allianz, stated that the yen falling back to 160 per US dollar is bound to intensify market speculation about Japanese intervention in the foreign exchange market. Additionally, US Treasury Secretary Janet Yellen mentioned in a letter to Senator Elizabeth Warren on August 27th that Japan is a major holder of US Treasury bonds, and disorder in the yen market could lead to forced liquidations, which in turn could disrupt global market stability and ultimately increase borrowing costs for American households and businesses.