The U.S. Treasury is reportedly preparing for potential coordinated currency intervention with Japan to support the yen, following a "currency check" initiated in January. This move, led by Treasury Secretary Bessent, comes amid political uncertainty in Japan and concerns over the yen approaching the 160 level. While no official confirmation has been made, such checks often precede market intervention. Simultaneously, the Federal Reserve faces internal divisions over its March policy path. Governor Waller indicated that continued job growth could pause rate cuts, while weaker data might prompt a 25-basis-point reduction. This uncertainty has led markets to adopt a data-dependent stance for the upcoming meeting. In the crypto market, Bitcoin has formed a downward trend, with key liquidation zones identified between $62,000 and $64,000. The interplay between currency intervention expectations and interest rate paths is contributing to increased market volatility.