Bessent and Ueda Meet as U.S. Backs Decisive Monetary Policy Measures
U.S. Treasury Secretary Scott Bessent told Bank of Japan Governor Kazuo Ueda that he strongly supports decisive market intervention and monetary policy measures by Japan to address excessive yen weakness, saying the currency's depreciation is contributing to inflationary pressure. (News On Japan)
U.S. Treasury Secretary Scott Bessent met with Bank of Japan Governor Kazuo Ueda on August 30 to express support for Japan's decisive monetary policy measures in response to excessive yen weakness. Bessent stated that the currency's depreciation was contributing to inflationary pressure in Japan. He emphasized the importance of appropriate monetary policy formulation and communication to stabilize inflation expectations and prevent volatile forex markets.
Market participants interpreted Bessent's remarks as indicating support for additional Bank of Japan interest rate hikes.
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