U.S. Treasury Secretary Scott Bessent said in an interview with CNBC that the Japanese government and the Bank of Japan would take measures that would lead to a stronger yen. He also signaled an intention to pressure the BOJ to raise interest rates further.
On 31 August, U.S. Treasury Secretary Scott Bessent said on a CNBC program that the Japanese government and the Bank of Japan might take measures to guide the yen higher. He also said that he had information the market did not have.
The secretary indicated his intention to increase pressure for the BOJ to raise interest rates further. He said that, even after the coordinated intervention at the end of July, it was not possible to influence the natural level of the exchange rate, but signals could be sent.
It has been reported that Scott Bessent is expected to meet with Finance Minister Katayama Satsuki (片山さつき) alongside the G20 meeting of finance ministers and central bank governors beginning on the 31st. If realized, it could be their first meeting since the coordinated intervention was carried out.
Secretary Scott Bessent is also scheduled to meet with Governor Ueda Kazuo (植田和男), and the market is closely watching the yen's future direction and the prospects for policy coordination.