US Treasury Commits to More Yen Intervention with Japan
US Treasury Secretary Scott Bessent has confirmed that the US will participate in additional joint currency market interventions with Japan's Ministry of Finance and the Bank of Japan (BOJ).
The move comes after a joint foreign exchange intervention measure was taken on July 31st, in response to disorderly fluctuations in the yen.
Bessent stated that 'The U.S. Treasury Department continues to monitor the situation and is in close communication with officials from Japan's Ministry of Finance and the BOJ.'
He also recommended expanding the FIMA Repo facility, a dollar funding program introduced by the US Federal Reserve, within the next few months.
The Trump administration has expressed support for Japan's efforts to correct the undervaluation of the yen, with Bessent stating that 'Economic security is national security. And the U.S.-Japan alliance is built on both of these foundations.'