Forex
US Pressures Japan to Hike Rates Amid Weak Yen Concerns
US Treasury Secretary Scott Bessent has signaled that Washington expects Japan to raise interest rates and abandon stimulus ideas, according to a report. The remarks come a month after a rare joint US-Japan intervention to support the yen.
Bessent expressed hope that Bank of Japan Governor Kazuo Ueda would take appropriate monetary policy steps to combat a weak yen.
Analysts view the July joint intervention as a message from Bessent for Japan to address inflation seriously, with some warning that even a rate hike every three months may be too slow.