“The U.S. and Japanese governments coordinated to stabilize the yen after the currency plummeted last week, a historic intervention aimed at preventing wider economic destabilization,” Semafor reports.
“The yen is ‘very undervalued,’ U.S. Treasury Secretary Scott Bessent said on Friday — Japan’s currency has weakened for months, a phenomenon economists attributed to Prime Minister Sanae Takaichi’s expansionary fiscal policy, including her push to boost defense spending.”
“The moves suggest the White House was concerned a yen selloff could further push up U.S. bond yields, which remain elevated.”
Reuters: Bessent’s “to do” list: buy $5-10 billion worth of Japanese yen, photo shows.
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