Bessent Praises BOJ Chief Ueda's Market-Savvy Leadership

US Treasury Secretary Scott Bessent expressed confidence in Bank of Japan Governor Kazuo Ueda's ability to make decisions that are best for Japan's economy.

In an interview with public broadcaster NHK, Bessent said he believes the recent uptick in inflation was partly due to the weak yen and energy prices.

'I do believe that part of the inflation uptick in Japan was a result of the weak yen and also the energy prices,' Bessent told NHK.

Bessent predicted that as energy prices come down and the excessive yen weakness is fixed, Japan's inflation will slow, allowing the country to 'go into a virtuous cycle'.