The U.S. just helped Japan strengthen the yen. Should U.S. investors care?

The U.S. and Japan just confirmed a coordinated intervention after the yen fell to around a 40-year low. The yen has already moved from above 163 per dollar to roughly 155–156, and officials are saying they may intervene again. The part I’m interested in isn’t just Japan. A stronger yen makes yen-funded carry trades more expensive. If the move continues, investors who borrowed cheap yen to buy higher-return assets elsewhere may have to reduce those positions. I don’t think one intervention automatically causes a global selloff, especially while the interest-rate gap remains wide. But coordinated U.S.–Japan action seems more meaningful than Japan intervening alone. Would you treat this as a temporary currency move, or something worth watching for U.S. tech, Treasuries and Japanese exporters?