U.S. Treasury chief’s ‘whatever-it-takes’ vow to help the yen masks limited firepower
Japan's currency slid as much as 1% Monday to past ¥159 per dollar, wiping out half the rally triggered by the July 31 U.S.-Japan intervention.
U.S. Treasury Secretary Scott Bessent’s pledge to go to any lengths to aid Japan in stabilizing the yen has drawn skepticism from those who point out his constrained ability to accomplish this task. The Japanese currency plummeted as much as 1% on Monday, reaching a level of ¥159 per dollar, erasing half the gains achieved following the U.S.-Japan intervention on July 31.
This was the first coordinated effort of its kind since 1998, and it had previously pushed the currency close to ¥155. Bessent assured that "we will do whatever it takes to support them in a way that helps the American economy, the American taxpayer, stabilizes the global economy." However, his current subscription plan does not afford him the option to comment on stories.
For those interested in commenting, they are advised to create a display name in the Profile section of their subscriber account page.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
