{
  "id": 63991,
  "title": "Bessent ready to repeat joint yen intervention, urges bigger Fed backstop",
  "url": "https://urgent.news/2026/08/03/bessent-ready-to-repeat-joint-yen-intervention-urges-bigger-fed",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-03T00:40:23.000Z",
  "source": {
    "name": "Channel News Asia",
    "slug": "channel-news-asia",
    "url": "https://www.channelnewsasia.com/business/bessent-ready-repeat-joint-yen-intervention-urges-bigger-fed-backstop-6294241"
  },
  "original_language": "en",
  "account": "U.S. Treasury Secretary Scott Bessent affirmed on Sunday his willingness to repeat a joint U.S.-Japan foreign exchange intervention that tackled erratic yen rates and called for an expanded Federal Reserve backstop for global monetary authorities. This coordinated action, executed on Friday, utilized the Federal and International Monetary Authorities (FIMA) Repo Facility, as affirmed by Japan's finance ministry and President Donald Trump. Bessent emphasized the significance of the FIMA Repo Facility in providing up to $60 billion in U.S. dollar loans for up to seven days to countries holding Treasury securities at the New York Fed. The loans surpass the open-market repo rate, suggesting limited use during market stress. Augmenting the facility's capacity would introduce another substantial duty to newly-appointed Fed Chairman Kevin Warsh, who must review U.S. central bank communications, balance sheet policies, and address inflation and dissent among Fed policymakers. The Fed is anticipated to conclude meetings until mid-September, though Warsh may hold inter-meeting calls during crises. As of May, Japan held the largest foreign $1.14 trillion in U.S. Treasuries, making it the largest foreign holder and second only to the Federal Reserve. Leveraging the FIMA facility could enable Japan to secure funds for yen purchases without liquidating its Treasury assets, potentially curbing bond yields that surged after the Fed decided to maintain interest rates. Japan's government, led by Prime Minister Sanae Takaichi, is regarded as advancing into a promising new phase of Abenomics, which began in 2012 to combat deflation and stagnation, thanks to extensive stimulus. Bessent commended Takaichi's government for its decisive actions to rectify the yen's substantial undervaluation.",
  "summary": null,
  "key_points": [
    "U.S. Treasury Secretary Bessent ready for repeat yen intervention",
    "Expanded Fed backstop urged for global monetary authorities",
    "FIMA Repo Facility offers $60B in U.S. dollar loans"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "Bessent ready to repeat joint yen intervention, urges bigger Fed backstop",
        "url": "https://urgent.news/2026/08/03/bessent-ready-to-repeat-joint-yen-intervention-urges-bigger-fed-66059",
        "published": "2026-08-03T00:57:15.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}