Bessent urges BOJ chief to combat weak yen with 'decisive' monetary steps

Live updates

1. 12d ago

   Bessent Urges BOJ Chief Ueda to Combat Weak Yen With Rate Hikes

   United States Treasury official Scott Bessent met with Bank of Japan Governor Kazuo Ueda to press for decisive monetary steps and rate increases to combat the weak yen. Bessent called for sound policy to avoid currency volatility and signaled backing for Bank of Japan action, while describing recent yen moves as pretty contained and not disorderly. The discussions coincide with Japan facing policy reckoning as officials call time on big economic stimulus measures. The exchange also follows a public clash involving remarks on yen intervention queries.

   Why it matters

   The pressure from Washington arrives as Japanese authorities wrestle with currency instability and the fallout from prolonged monetary stimulus. Bank of Japan leadership faces mounting domestic and international scrutiny regarding the timing of policy normalization. Currency interventions and interest rate adjustments remain central to stabilizing the exchange rate.

   What is confirmed

   • Scott Bessent met with Bank of Japan Governor Kazuo Ueda and called for sound policy to avoid currency volatility.
   • Scott Bessent urged the Bank of Japan chief to combat the weak yen with decisive monetary steps and rate increases.
   • Scott Bessent described yen moves as pretty contained and not disorderly.

   Still unconfirmed

   • Scott Bessent offered a Foreign Exchange for Dummies lesson during a dispute over yen intervention queries.

   What to watch next

   • Any formal announcements of interest rate adjustments by the Bank of Japan
   • Subsequent policy statements from Japanese financial authorities regarding currency intervention
   Sources used for this update (12)

   1. CNBC — Bessent attacks Warren over yen intervention query, offers ‘Foreign Exchange for Dummies’ lesson
   2. Bloomberg.com — Bessent Tells Japan Officials Rate Hikes Needed, NHK Says
   3. The Japan Times — Bessent says yen moves ‘pretty contained’ and not disorderly
   4. Reuters — Japan faces day of policy reckoning as Bessent calls time on big stimulus
   5. wsj.com — 💬Money Quote: Scott Bessent
   6. Reuters — Bessent urges BOJ chief to combat weak yen with 'decisive' monetary steps
   7. Yahoo Finance — Bessent meets BOJ's Ueda, calls for sound policy to avoid currency volatility, Treasury says
   8. Bloomberg.com — Bessent Suggests Backing for BOJ Action in Meeting With Ueda
   9. The New York Times — Satsuki Katayama, the Woman at the Center of Japan’s Currency Fight
   10. South China Morning Post — US Treasury’s Bessent calls on Japan to boost yen through rate increases
   11. Nikkei Asia — Bessent meets BOJ's Ueda, calls for sound policy to avoid currency volatility
   12. www.marketscreener.com — G20 Finance Leaders Close Meeting Marred by Russia Attendance Dispute
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