Bloomberg reports that Goldman Sachs Group Inc. remains unconvinced that Japan’s recent support for the yen threatens the dollar’s dominance as the world’s leading reserve currency.

Japan, the largest foreign investor in the $31 trillion Treasury market, joined a joint currency intervention last month that sparked speculation that U.S. backing of the yen—aimed at curbing volatility in U.S. bonds—could erode confidence in dollar reserves. Goldman said that such a view assumes the U.S. might try to prevent others from selling Treasuries in the future, a scenario the firm finds unlikely.

The bank stressed that the intervention was primarily about stabilizing the yen and protecting the Treasury market, not about undermining the dollar’s status. Analysts note that the U.S. remains the primary issuer of global debt, and Norwich that any shift in confidence would require a coordinated effort that currently seems improbable. As a result, Goldman maintains that the dollar’s reserve currency position remains secure despite the yen’s support.