Bessent says joint US-Japan action countered disorderly yen movements

U.S. Treasury Secretary Scott Bessent stated that a coordinated foreign exchange action with Japan countered disorderly yen movements, urging a strengthened central bank backstop.

U.S. ​Treasury Secretary ​Scott Bessent ‌said on Sunday ​that U.S. and Japanese coordinated foreign ‌exchange action countered disorderly movements in the yen and urged that a U.S. ‌central bank backstop for foreign ‌central banks and monetary authorities be "upsized." Bessent said in a social media posting on ⁠X ​that ⁠the Trump administration strongly supports "Japan's decisive market ⁠and monetary steps to correct the substantial ​undervaluation of the yen."

He said that ⁠U.S. Treasury remains attentive and in ⁠close communication ​with counterparts at the Bank of Japan and Japan's Ministry ⁠of Finance. "We will not hesitate to ⁠participate ⁠in further joint intervention," Bessent said.