Bessent Sees Stronger Yen Ahead as BOJ Prepares Rate Hike

U.S. Treasury Secretary Scott Bessent believes that Japan's government and central bank will take action to strengthen the yen, according to Reuters.

In an interview with CNBC, Bessent said he has information that the market doesn't have, and he expects the Bank of Japan (BOJ) to 'do the right thing' on monetary policy to combat yen declines.

Bessent also stated that raising interest rates is a possibility, saying 'I think the market's pricing that in now.'

The yen gained against the dollar after Bessent's comments, which reinforced market expectations of a BOJ rate hike at its next meeting on September 17-18.