U.S. Backs Japan in Stabilizing Yen, Expects BOJ Steps: Bessent
U.S. Treasury Secretary Scott Bessent announced that the U.S. will support Japan's efforts to stabilize the yen following recent market interventions. Bessent expressed confidence in the Bank of Japan's ability to manage the currency's volatility through potential interest rate adjustments.
Why it matters
Coordinated currency intervention between major economies is critical for maintaining global financial stability and preventing regional economic contagion.
Washington, Aug. 4 (Jiji Press)--U.S. Treasury Secretary Scott Bessent said Tuesday that Washington will help Japan stabilize the yen, and that he believes the Bank of Japan will take necessary measures, including a possible interest rate hike.
"I'm not going to prejudge what the BOJ should do, (but) I've known (BOJ) Governor (Kazuo) Ueda for 15 years, and I believe that he will do what is needed," Bessent said in an interview on U.S. broadcaster CNBC, after Japanese and U.S. authorities conducted their first concerted yen-buying foreign exchange market intervention in roughly 28 years on Friday.
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