Bessent Cautions Against Intervention as Yen Slides Below 160

U.S. Treasury Secretary Scott Bessent downplayed concerns about Japan's yen currency, saying recent moves are 'pretty well contained' and not disorderly.

In an interview with Reuters, Bessent addressed market attention on whether the United States and Japan would intervene to prop up the yen, which has slid below 160 per dollar.

Bessent expressed confidence in Bank of Japan Governor Kazuo Ueda's ability to 'do the right thing' on monetary policy with Prime Minister Sanae Takaichi's backing.

He hinted that the BOJ may consider consecutive interest rate hikes to combat yen declines, but emphasized that any decisions would be made by the central bank, not him.