U.S. Treasury Secretary Scott Bessent Defends Yen Intervention Strategy
U.S. Treasury Secretary Scott Bessent is defending his strategy to support the Japanese yen amid concerns over its decline and potential impact on U.S. bond markets. The yen has fallen to a four-decade low, prompting intervention by the U.S., which purchased billions of yen in July—the first such move in 30 years—aiming to stabilize Japan's currency and prevent it from selling off American securities. Bessent argues that supporting the yen helps maintain stability for both global markets and U.S. lending rates tied to Treasury yields. Bessent expressed confidence in his approach during a Texas event, stating he has
