Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber,

live from Post 9 as always of the New York Stock Exchange. Huge week of catalysts on the way,

including earnings reports from the four of the Mag 7 companies, a Fed decision, and a potential government shutdown.

We'll talk about what it all means for your money after two negative weeks in a row.

Plus, we've got a big interview coming your way, Morgan Stanley's global co-head of M&A, Tom Miles, with a look at whether strong deal activity from the second half of 2025, will actually carry on into this year. And then shares of Corweave jumping this morning after NVIDIA announces a $2 billion stake in the company, we'll hear what Jensen Huang and

Corleave CEO just told us about the deal. But guys, you know where I'm going to start today.

The Japanese yen, the center of the market action. It is surging against the U.S. dollar, which is a big

change from where it's been. Why? Well, there's speculation in the market that either the U.S. and

Japan are about to intervene, actually step into the currency market to strengthen it, or have

been doing so. Why? Well, there were some reports that on Friday, the New York Fed, so that would

be the U.S. Central Bank at the behest of the Treasury Department reached out to

several trading counterparties basically for so-called rate checks.

Again, according to reports, and it would be something, you know, they're looking for

pricing, inquiries about pricing if they were to step in.

It's pretty unusual for Japan and the U.S. together to step into the currency market.

We haven't really seen it since 2011 during the time of the tsunami. Japan has interviewed

multiple times, but the two of them together, I think, is a signal that the U.S. is a little

concerned about these one-way movements toward a weaker yen, also the Japanese bond market.

I know you guys were talking a lot about that last week when we were in Davos, big sell-off in Japanese bonds.

There's some angst around this snap election that's happening February 8th and more fiscal stimulus in Japan.

So as a result of all of this, we see the dollar weakening to multi-month lows again. And I have to say,

there's the daily FX movements that we're watching around this and will they intervene,

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