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Bessent says yen moves are 'pretty contained' and not disorderly
🇸🇬 Singapore /Economy & Trade

Bessent says yen moves are 'pretty contained' and not disorderly

From CNA · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Interview Named sources Context piece
  • U.S. Treasury Secretary Scott Bessent said recent yen declines appeared contained and did not warrant concern over disorderly currency moves.
  • Bessent said he expects Bank of Japan Governor Kazuo Ueda to make appropriate monetary-policy decisions with Prime Minister Sanae Takaichi's backing.
  • Bessent plans to meet Ueda during the G20 finance leaders' gathering in Asheville, North Carolina.

Scott Bessent does not see the yen's latest slide as a repeat of the disorderly moves that prompted rare joint action by Japan and the United States last month.

pretty well contained

— Scott BessentBessent's assessment of recent yen movements.

In an interview with Reuters, the U.S. Treasury secretary described recent currency movements as "pretty well contained." Asked whether the Bank of Japan should consider consecutive interest-rate increases to counter the yen's decline, Bessent declined to prescribe a specific policy.

I'm not going to tell them what to do

— Scott BessentBessent declined to direct the Bank of Japan on whether to raise interest rates more aggressively.

"I'm not going to tell them what to do," he said. But he added that he believed "we probably reached the end of Abenomics, which was a reflationary program." Bessent said he expects Bank of Japan Governor Kazuo Ueda to "do the right thing" on monetary policy, with the backing of Prime Minister Sanae Takaichi.

we probably reached the end of Abenomics, which was a reflationary program

— Scott BessentBessent's view of Japan's long-running reflationary policy approach.

Bessent is due to meet Ueda on the sidelines of the two-day G20 finance leaders' gathering in Asheville, North Carolina. He said he has known Ueda for 15 years and called him "a great economist," adding that Ueda is underrated for his understanding of markets.

He's a great economist. I think he's under-rated in how savvy he is on markets

— Scott BessentBessent praised Bank of Japan Governor Kazuo Ueda before their planned meeting.
About this summary

Originally published by CNA in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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