Bessent Downplays Yen Decline Concerns

US Treasury Secretary Scott Bessent has downplayed concerns over recent yen moves, describing them as 'pretty well contained'.

This comes after the Japanese currency slid below the 160-per-dollar level on August 28, sparking market attention to whether a joint Japan-US intervention would be triggered again.

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

When asked if the BOJ should consider consecutive interest rate hikes to combat yen declines, Bessent said he expects a rate hike as soon as September and potentially more aggressive hikes thereafter.