Bessent Blasts Warren Over Yen Intervention Criticism

Treasury Secretary Scott Bessent fired back at Senator Elizabeth Warren over her concerns about the US Treasury Department's decision to intervene in the Japanese yen market.

The intervention was made after the yen dropped to a 40-year low in early August, and Warren had written a letter to Bessent on August 14 pressing for more information about the decision.

Bessent responded on Friday, saying that Warren's letter demonstrated she knows little about foreign exchange markets and banking.

The Treasury Secretary explained that the US used its existing Exchange Stabilization Fund assets to trade for yen, with no new congressional appropriation or credit extended to Japan involved in the transaction.