Bessent Says US Used 'Nominal' Amount for Yen Intervention

Summary

US Treasury Secretary Scott Bessent says the US has been in constant dialogue with Japan on its currency intervention and that the Treasury used a nominal amount, while making tens of millions of dollars, to signal support for a stronger yen. He argues a stronger yen helps American exports and reduces the need for Japan to sell US assets to fund intervention. The remarks imply policy support for the yen and a favorable backdrop for US export competitiveness and US assets.

• Bessent says the US and Japan are in constant dialogue on currency intervention.
• He describes US participation as a nominal amount that generated tens of millions of dollars.
• The US signaled support for Japan's policy of a stronger yen.
• Bessent says a stronger yen is better for American exports.
• He says a stronger yen means Japan will not have to sell US assets to finance intervention.
• The comments imply a supportive policy stance for the yen.