Bessent Downplays Yen Moves, Warns of US-China Trade Tensions
US Treasury Secretary Scott Bessent has downplayed recent moves in the Japanese yen, stating they are 'pretty well contained' and do not resemble the disorderly conditions that prompted a joint Japan, US intervention last month.
Bessent also emphasized that he plans to meet Bank of Japan Governor Kazuo Ueda on the sidelines of the G20 finance leaders’ summit. He expressed confidence in Ueda's ability to make appropriate monetary policy decisions with the Prime Minister's support, but declined to comment on whether the BoJ should pursue back-to-back rate increases.
Regarding China trade terms, Bessent stated that Washington will hold 'very robust' talks focused on preventing powerful models from reaching non-state actors. He urged G20 countries to reassess their trade terms with China to reduce global imbalances, arguing that tougher trade barriers would push Beijing towards domestic demand.