US Spends Nominal Amount in Joint Yen-Buying Intervention with Japan

U.S. Treasury Secretary Scott Bessent testified before the House of Representatives' Financial Services Committee on September 15, revealing that the U.S. spent a 'nominal amount' in its joint currency market intervention with Japan in July to strengthen the yen.

The intervention, which took place in late July, was aimed at rectifying the yen's rapid weakening against the dollar, according to Bessent.

'A stronger yen is better for American exports,' Bessent said. 'A stronger yen means that the Japanese government will not have to sell U.S. assets to finance foreign currency interventions.'