Bessent Downplays Yen Moves, Seeks Robust Talks with China

US Treasury Secretary Scott Bessent downplayed recent movements in the Japanese yen, describing them as 'pretty well contained' and not resembling the disorderly conditions that prompted a joint Japan, US intervention last month. This assessment suggests that the US government does not see an immediate need for further action to stabilize the currency.

Bessent also stated that he plans to meet with Bank of Japan Governor Kazuo Ueda on the sidelines of the G20 finance leaders' summit, and expressed confidence that the BoJ would act appropriately on monetary policy with the Prime Minister's support. He declined to comment on whether the BoJ should pursue back-to-back rate increases.

Regarding China, Bessent emphasized the need for 'very robust' talks focused on preventing powerful AI models from reaching non-state actors. The US is also seeking tariff cuts covering $30 billion in non-strategic goods on each side, while citing China's $1.2 trillion trade surplus as unacceptable.