A dramatic and alarming claim: the US has stepped in to seize control of Japan's central bank to stop a yen collapse from wrecking US bond markets — bad news for savers on both sides if true.

• The yen is said to be crashing, and the US Treasury intervened by selling euros to buy yen to prop it up.
• Washington has reportedly stripped the Bank of Japan of its independence, blocking it from raising rates to defend the currency.
• The fear: if Japan is forced to dump its huge holdings of US government bonds, US interest rates could spike into double digits and the dollar would tumble.
• Japan's prime minister is pushing the central bank to buy Japanese government debt, which bank officials warn could trigger a runaway debt spiral.

Outlook: If the yen keeps falling and Japan starts selling US bonds, expect sharp pressure on the dollar and US borrowing costs — but these claims are unconfirmed and should be treated with caution.