Bessent Expects Japan to Prop Up Yen Amid Weakening Currency

U.S. Treasury Secretary Scott Bessent has expressed his expectation that Japan will take steps to prop up its currency, the yen. Speaking in an interview with CNBC, Bessent stated that he believes both the Japanese government and the Bank of Japan will implement measures to strengthen the yen.

Bessent's comments come as the yen continues to weaken despite a concerted effort by Japanese and U.S. monetary authorities to intervene in the market through yen-buying efforts in late July.

The treasury secretary also hinted at his own involvement, stating that he has information that the market doesn't have, suggesting that the government is putting pressure on the BOJ to raise its policy interest rate.