Bessent's Yen Fix Fades as U.S. Yields Climb

U.S. Treasury Secretary Scott Bessent's efforts to curb rising long-term Treasury yields and weaken the yen have lost momentum, analysts say.

The 10-year U.S. Treasury yield rose 6.1 basis points to 4.708% in New York bond trading on the 10th, crossing back above the 4.7% mark.

The joint intervention by Washington and Tokyo in the Japanese yen market, which saw a brief rebound before weakening again, has largely faded in over 10 days.

The yen fell past 159 to the dollar intraday in New York foreign exchange trading, giving back more than half of its gains since the coordinated response.