Bessent Confidently Says Bet on Yen Weakness; U.S. Treasury Yield Surge Hits Hard; Dollar-Yen: Has the Real Crisis Arrived? Director Lee Jin-woo

Summary

Lee Jin-woo of GFM Investment Research Institute argues that dollar-yen is at a historic turning point and that broad U.S. dollar weakness and yen strength are increasingly likely. He explains why the U.S. is helping Japan resist yen weakness, how this could lower JGB yields, and why long-term U.S. Treasuries remain under pressure despite buybacks. He also says Bessent's policies may support U.S. equities even as bond and FX markets struggle.

• Dollar-yen is at a long-term inflection after years of yen weakness.
• The U.S. and Japan appear to want to stop yen weakness above 160.
• Bessent warned speculators against betting on further yen weakness.
• Broad dollar weakness would imply won, yen, euro, and yuan strength.
• Falling dollar-yen may improve Japan's inflation outlook and lift JGB prices.
• U.S. long-term Treasury yields are still rising despite buyback expansion.
• U.S. equities may be supported by Bessent's market-supportive policies.
• The interview also covers oil, geopolitics, and event risk.