US Treasury Secretary Calls for Japan Rate Hikes

The US Treasury Secretary Scott Bessent has called on Japan to raise interest rates and end its big economic stimulus plans, after a joint intervention to prop up the yen last month.

Bessent expressed hope that Bank of Japan Governor Kazuo Ueda would 'do the right thing' on monetary policy to combat a weak yen, which has pushed up import prices and inflation in Japan.

The BOJ was already expected to raise rates in September, but Bessent's comments have put pressure on it to step up hikes going forward.