Bessent Downplays Yen Decline, Says No Need for Joint Intervention
US Treasury Secretary Scott Bessent downplayed recent yen movements, saying they are 'pretty well contained' and do not represent the type of disorderly trading that prompted a joint intervention by Japan and the US last month.
Bessent made these comments in a Reuters interview on Sunday, indicating that he does not believe the latest decline in the yen warrants a similar response from the Bank of Japan (BOJ).
The BOJ has been under pressure to take action as the yen fell below the 160-per-dollar mark last week, prompting concerns about potential intervention.
Bessent acknowledged that the BOJ's monetary policy decisions are its own responsibility, but expressed confidence in Governor Kazuo Ueda's ability to make the right choices with support from Prime Minister Sanae Takaichi.