Forex
Bessent Expects BoJ Rate Hike Amid Growing Expectations
US Treasury Secretary Scott Bessent believes Bank of Japan Governor Kazuo Ueda will make the right decision on monetary policy.
Bessent's comments come as he is set to meet with Ueda at the Group of 20 finance leaders' gathering in Asheville, North Carolina. The meeting follows a recent joint intervention by the US and Japan to prop up the yen, which has been under pressure due to its weak value.
The US Treasury Secretary hinted that he would prefer the BoJ to raise interest rates to help stabilize the yen rather than see repeated market intervention.