Yen Gains as 'The House' Scores with Intervention

Scott 'The House' Bessent's intervention in the foreign exchange market appears to have paid off, as the Japanese Yen has gained nearly 7% since he and the Bank of Japan (BOJ) made a significant purchase on July 31st. This move was intended to prevent the BOJ from selling US Treasury bonds.

Although Bessent's action may have delayed the sale of Treasuries by the BOJ, it did not deter other entities from engaging in such transactions. In fact, 'The House' recently announced an increase in the size of buybacks for long-dated, off-the-run Treasury bonds, with a full announcement made last week.