US backs Japan's yen defense to steady Asia markets, says Bessent
Treasury Secretary Scott Bessent said the U.S. joined Japan’s yen-buying intervention to stabilize Asia-wide markets as a weak yen risked triggering broader currency devaluations. He stressed that a stable yen is crucial for regional trade and that while interventions can signal policy intent, long-term stabilization depends on Japan implementing supportive monetary and fiscal measures. The move involved selling euros from U.S. reserves to buy yen, and Washington expects Japan to follow up the intervention with policies addressing the yen’s drivers; the policy direction ultimately sets the currency beyond the initial market signal.
