Forex
Bessent Sees End of Abenomics as Japan's Central Bank Faces Rate Hike Pressure
US Treasury Secretary Scott Bessent has reiterated his call for Japan's central bank to normalize monetary policy, stating that Abenomics has likely reached its end. In an interview, Bessent expressed confidence that Bank of Japan Governor Kazuo Ueda will make the right decision on monetary policy.
The comments came as the yen weakened beyond 160 per dollar, sparking renewed market expectations of a BOJ rate increase in September. According to overnight index swaps, there is now an 88% chance of a rate hike at the BOJ's September meeting.