Bessent Douses Fears Over Japan's Currency
US Treasury Secretary Scott Bessent has downplayed concerns about Japan's currency, saying recent yen moves are 'pretty well contained'.
Bessent made his comments ahead of a crucial meeting between the Bank of Japan (BOJ) and policymakers on September 17-18. He stated that he expects BOJ Governor Kazuo Ueda to take decisive action to combat the yen's decline, saying 'I think it's pretty well contained.'
Bessent also praised Prime Minister Sanae Takaichi's economic policies, calling them 'Takaichi-nomics.' He said Japan has already 'conquered' deflation and should focus on reaping the benefits of past policies aimed at rejuvenating its economy.
The BOJ is reportedly set to raise interest rates as soon as September, which could have significant implications for global markets. Bessent's comments suggest that US policymakers are working closely with their Japanese counterparts to address concerns about the yen's decline.