US-JAPAN_ Bessent Defends US Intervention to Support Yen ( NEWSMAX )

NEWSMAX

Bessent Defends US Intervention to Support Yen

Saturday, 29 August 2026 12:50 PM EDT


Treasury Secretary Scott Bessent said disorderly moves in the yen could ‌trigger "forced unwinds" of positions, risking destabilizing global markets and ultimately raising borrowing costs for U.S. households and businesses.

Bessent made the comments in a letter dated Aug. 27 and posted on his X account a day later. The letter responded to Sen. Elizabeth Warren’s demand for an explanation of Washington’s joint currency intervention with Tokyo last month.

The post came as the yen resumed weakening against the dollar despite expectations that the Bank of Japan ⁠could raise interest rates in the near term.
Japan and the United States carried out a rare coordinated yen-buying intervention July 31, signaling their determination to prevent a sell-off in the yen and Japanese government bonds from spilling over into global markets.

Although the yen has recovered from a 40-year low of nearly 164 per dollar reached last month, it has weakened back toward 160 after surging to 155.20 shortly after the intervention.

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READ MORE: https://www.newsmax.com/newsfront/japan-yen-scott-bessent/2026/08/29/id/1267728/

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