Bessent Downplays Yen Moves, Expects BOJ Action

U.S. Treasury Secretary Scott Bessent downplayed recent yen moves on Sunday, stating that they are 'pretty well contained' and not disorderly.

Bessent's comments came as the Japanese currency slid below the 160-per-dollar level on Friday, a threshold widely seen as increasing the likelihood of intervention.

He also expressed confidence in Bank of Japan Governor Kazuo Ueda to 'do the right thing' with monetary policy, saying that he expects Ueda to consider consecutive interest rate hikes to combat yen declines.

Bessent plans to meet Ueda on the sidelines of the Group of 20 finance leaders' gathering in Asheville, North Carolina, which kicked off on Monday.