Bessent Fires Back at Warren Over Yen Intervention Criticism
US Treasury Secretary Scott Bessent has come out swinging against Senator Elizabeth Warren over her criticism of the US intervention to support the Japanese yen. According to Bessent, Warren has misunderstood the situation and is spreading misinformation about the Treasury's actions.
Bessent clarified that Japan owes no money to the Treasury, contrary to Warren's claims. He defended the Treasury's decision to sell euros to buy yen as a necessary move to stabilize markets and protect US economic interests.
The intervention was the first coordinated effort between the US and Japan since 1998, with Japan spending a record amount to support its currency. However, Bessent declined to disclose key details such as the amount of yen purchased or the current value of the position.