US Backs Japan's Yen Intervention Efforts Amid Global Market Pressure

The United States has pledged support for Japan in its efforts to stabilize the yen after recent intervention. According to U.S. Treasury Secretary Scott Bessent, Washington will do whatever is necessary to help Tokyo steady its currency.

Bessent emphasized that the goal is to curb volatility and mitigate the consequences for the global economy, while also benefiting the American economy and taxpayers.

The yen has been under pressure since Japan intervened last week by buying the Japanese currency. After Bessent's comments, the yen reversed course, weakening to around 158 per dollar from approximately 156 following Friday's intervention.

Bessent noted that a significant undervaluation of the yen could trigger other economic problems or competitive devaluations of other currencies, which would be abnormal for global markets.