Bessent Suggests Japanese Authorities May Have Intervened in Forex Markets

U.S. Treasury Secretary Scott Bessent has suggested that Japan may have intervened in foreign exchange markets to support the yen. Speaking on Fox Business, Bessent stated that the excess volatility in the yen is unhealthy and that he believes the currency is undervalued.

The Japanese economy is doing well, according to Bessent, who praised Prime Minister Sanae Takaichi for enacting strong policies. He noted that the currency markets tend to overshoot, implying that the market will eventually recognize the yen's true value and it should strengthen.