Bessent Says Yen Moves 'Pretty Well Contained', Downplays Intervention Fears

U.S. Treasury Secretary Scott Bessent downplayed recent yen moves as 'pretty well contained', suggesting they were not disorderly enough to warrant a joint Japan-U.S. intervention, unlike last month's market turmoil.

The yen had slid below the 160-per-dollar level on Friday, a threshold that raised concerns about potential intervention by the United States and Japan.

Bessent also expressed support for Bank of Japan Governor Kazuo Ueda to 'do the right thing' on monetary policy with the backing of Prime Minister Sanae Takaichi, hinting at the possibility of consecutive interest rate hikes to combat yen declines.