Bessent defends 'modest' cost of US-Japan joint yen intervention
U.S. Treasury Secretary Scott Bessent on Tuesday defended his agency's participation with Japan in a joint currency intervention to prop up the Japanese yen at a "modest" cost, arguing that this was good for U.S. exporters and interest rates. Bessent told a House Financial Services Committee hearing that the U.S. was able to signal its support for Japanese policies, including Tokyo's desire for a…
US Treasury Secretary Scott Bessent defended the US's participation in a joint currency intervention with Japan to support the yen, describing the cost as "modest". According to Bessent, this move was beneficial for US exporters and interest rates.
Bessent explained that a stronger yen would benefit American exporters and also mean that the Japanese government would not have to sell US assets to defend its currency.
In a separate part of his testimony before the House Financial Services Committee, Bessent noted that the US dollar remains the world's reserve currency, citing rising global transaction volumes as evidence of continued confidence in the US financial system.
Brief written by urgent.news from The Korea Times, The Korea Times, Live Mint — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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