Bessent's Yen Intervention Pays Off, But US Treasury Sales Persist

Scott 'The House' Bessent's interventions to buy the Yen have been successful so far, with the currency up almost 7% since July 31st.

The BOJ bought the Yen on that date alongside Bessent, aiming to head off a sale of US Treasuries by the Japanese monetary authority.

While his move may have prevented one potential issue, it didn't stop others from selling US Treasuries. To mitigate this, 'The House' recently announced an increase in buybacks of long-dated, off-the-run Treasuries to keep long-term rates down.