Bessent Pressures Tokyo to Hike Rates Amid Yen Weakness

US Treasury Secretary Scott Bessent has put pressure on Japan to raise interest rates and end large-scale stimulus programs, citing concerns over the yen's stability.

Bessent made his comments after a rare joint currency intervention with Japan in July, which failed to settle questions about the country's currency.

Markets had already expected a rate hike in September 2026 due to inflationary pressures, but Bessent's stance strengthened expectations of more decisive action from the Bank of Japan.