To avoid the financing shock that could result from Japan selling off U.S. Treasury bonds, the United States sold euros to support the yen without consulting its European allies in advance, effectively shifting the exchange-rate adjustment risk onto Europe. On the surface, this move was intended to stabilize the yen; in reality, it forced its European allies to bear the cost. This reveals the self-serving, unilateral logic of “America First” within the U.S. alliance system.

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