Bessent says yen moves ‘pretty contained’ and not disorderly
He said he expects Bank of Japan Governor Kazuo Ueda to “do the right thing” on monetary policy
US Treasury Secretary Scott Bessent stated on August 30th that recent movements of the Japanese yen were "pretty well contained," indicating that the currency's downward trend was not perceived as disorderly. This view contrasts with the situation that led to a rare joint intervention between Japan and the United States last month.
In an interview with Reuters, Bessent expressed confidence in Bank of Japan Governor Kazuo Ueda's decision-making, stating that he anticipates Ueda to "do the right thing" regarding monetary policy, guided by Prime Minister Sanae Takaichi. Bessent was not asked to dictate the central bank's actions, but rather to express his belief that the yen declines may have marked the end of Abenomics, the expansive monetary policy program pursued by the Japanese government and central bank.
Bessent, who has known Ueda for 15 years, commended the BOJ chief's acumen in understanding market dynamics. He also mentioned plans to meet with Ueda during the Group of 20 finance leaders' meeting in Asheville, North Carolina, starting from the following Monday.
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- Bessent says yen moves ‘pretty contained’ and not disorderly straitstimes.com
- Bessent says yen moves ’pretty contained’ and not disorderly investing.com
- Bessent says yen moves ‘pretty contained’ and not disorderly freemalaysiatoday.com
- Bessent says yen moves 'pretty contained' and not disorderly channelnewsasia.com
