Bessent: Yen Movements Contained, No Pressure on BOJ

US Treasury Secretary Scott Bessent has downplayed recent movements in the yen, stating that they are 'pretty well contained'. This assessment comes as the Japanese currency continues to slide against the US dollar, reaching a low of below $160 per unit on Friday. The development has raised questions about whether Japan and the US will intervene again to support the yen.

Bessent declined to comment directly on the Bank of Japan's monetary policy decisions but expressed confidence that Governor Kazuo Ueda would 'do the right thing' with support from Prime Minister Sanae Takaichi. When asked if the BOJ should pursue more aggressive rate increases, Bessent said he wouldn't tell them what to do and instead suggested that Abenomics, a reflationary program, had reached its end.