US Pledges Further Intervention on Yen Value

U.S. Treasury Secretary Scott Bessent has made it clear that his country will not hesitate to intervene in the foreign exchange market again if necessary, particularly with regard to the yen's value.

Last week, the U.S. and Japan engaged in their first coordinated yen-buying intervention since 2011, following a sharp decline in the Japanese currency to a 40-year low against the dollar.

The intervention helped stabilize the yen, which rebounded by over 2% on Thursday and extended those gains on Friday, reaching below the 158-per-dollar level ahead of the Bank of Japan's policy decision.

Bessent emphasized that his country strongly supports Japan's recent market and monetary policy steps to address what he described as the yen's substantial undervaluation.