Bessent Says He Believes Japan Will Take Action Leading to Stronger Yen
Bessent said Japan’s government and the Bank of Japan will support a stronger yen as markets price a higher chance of a September rate hike.
- On Monday, Treasury Secretary Scott Bessent, hosting G20 finance leaders in Asheville, North Carolina, stated he expects the Japanese government and the Bank of Japan to strengthen the yen while declining to advise on rate increases.
- With the USD/JPY hovering around 160, markets are monitoring whether the BOJ policy will diverge from U.S. pressure amid broader efforts to address currency volatility.
- Bessent downplayed the recent yen weakness as "pretty well contained," telling Reuters he expects BOJ Governor Kazuo Ueda to "do the right thing" on monetary policy.
- Following these comments, the Japanese currency gained against the dollar, suggesting a strong chance the BOJ will raise interest rates at its next policy meeting in September.
- As Japan has likely reached the end of Abenomics, Bessent noted that Tokyo should set its own pace on rate moves, with the U.S. offering cautious approval of gradual normalization.
27 Articles
27 Articles
The Japan Times
Bessent expects Japan to take action to boost yen, signals BOJ rate-hike chance
U.S. Treasury Secretary Scott Bessent said he believes Japan's government and central bank will take action that leads to a stronger yen, CNBC reported on Monday, signaling a strong chance of a Bank of Japan interest rate hike in September.
U.S. Treasury Secretary Scott Besant stated on the 31st (local time) that he believes the Japanese government and the Bank of Japan (BOJ) will take measures that will lead to a stronger yen. In an interview with the U.S. business news outlet CNBC on the same day, when asked about the effect of joint intervention by the U.S. and Japanese governments in the foreign exchange market, Secretary Besant said, “I cannot influence the natural equilibrium…
US Treasury Secretary Scott Bessen told CNBC on Monday (31) that he believes that the Japanese government and the Bank of Japan (BOJ, the central bank of the country) will take steps that will lead to a stronger yen. "I have information that the market does not have, and I believe that the Japanese government and BOJ will do what is necessary to lead to a stronger yen," he said. Exclusive material for subscribers. To have full access, access the…
Channel News Asia
Bessent says he believes Japan will take action leading to stronger yen
ASHEVILLE, North Carolina, Aug 31 : U.S. Treasury Secretary Scott Bessent told CNBC on Monday that he believes the Japanese government and the Bank of Japan will take action that leads to a stronger yen."I have information that the market doesn't have, and it's my belief that the Japanese government and that
Yen Moves Contained After US-Japan Intervention
US Treasury Secretary Scott Bessent said the yen moves are pretty well contained and not disorderly, signaling patience for BoJ Governor Kazuo Ueda to set policy pace and suggesting Japan may have reached the end of Abenomics under Prime Minister Sanae Takaichi. As the G20 gathering approaches, he also indicated robust talks with China and a shift toward letting Tokyo manage monetary policy, while avoiding fresh intervention and watching incomin…
As the dollar-yen exchange rate surpassed 160 yen again despite the unprecedented joint intervention of the U.S. and Japanese governments in the foreign exchange market, U.S. Treasury Secretary Scott Besant stated that the Japanese government and the Bank of Japan (BOJ) "due to the strong yen.
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