Bessent Backs Ueda on Monetary Policy Ahead of G20 Meeting

US Treasury Secretary Scott Bessent expressed confidence in Bank of Japan Governor Kazuo Ueda's ability to make the right monetary policy decisions, stating 'I'm not going to tell them what to do.' This comment comes ahead of a potential meeting between the two leaders at the G20 finance gathering in North Carolina. The yen has weakened below 160 against the dollar for the first time since Japan intervened in markets last month.

Bessent acknowledged that Abenomics, Japan's reflationary program, may have reached its end. This statement suggests a shift away from policies aimed at stimulating growth and inflation. However, no specific policy changes were mentioned by Bessent.