Bessent says currency intervention with Japan helped US exporters
WASHINGTON (Kyodo) -- U.S. Treasury Secretary Scott Bessent on Tuesday justified Washington's coordinated foreign exchange intervention with Tokyo in
U.S. Treasury Secretary Scott Bessent defended Washington's joint foreign exchange intervention with Japan in July 2015, claiming it benefited American exporters, according to a congressional hearing. Bessent stated that the intervention, which involved buying yen to bolster the Japanese currency, was advantageous for American exports, as a stronger yen would reduce the need for Japan to sell U.S. Treasury securities.
The intervention, the first between the two nations since 1998, occurred when the yen fell to a 40-year low near 164 against the U.S. dollar, following a 40-year low. Bessent expressed concern over a prolonged yen depreciation, warning it could push up U.S. interest rates and increase borrowing costs for the government, consumers, and businesses.
During his testimony, Bessent also confirmed an upcoming meeting with Chinese Vice Premier He Lifeng before President Donald Trump's summit with Chinese President Xi Jinping in September.
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