Michelle Chan
U.S. credit correspondent at the Financial Times covering the investment-grade bond market and corporate borrowing trends, with expertise on credit market developments affecting large technology firms.
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Jan 27, 2026 • 12min
US and Japan flirt with joint currency intervention
Michelle Chan, a U.S. credit correspondent covering corporate bond markets, and Ian Smith, a senior markets correspondent focused on currencies and bonds, discuss a sharp yen rally and signs the U.S. and Japan may coordinate to support the currency. They also cover why big tech is rushing into investment-grade bonds and what that surge could mean for borrowing and market concentration.
