U.S. Treasury Secretary Bessent said “I’m the house” regarding the coordinated yen intervention at the end of July, suggesting that he had an intimate knowledge of the Bank of Japan’s moves.
At an event held at a university in southern Texas, U.S. Treasury Secretary Bessent commented on the yen-buying intervention conducted by Japanese and U.S. authorities. The Treasury secretary said he was the person behind the intervention and made provocative remarks directed at market participants involved in the yen exchange rate.
The secretary suggested that he had an information advantage, saying, “I have asymmetric information,” and emphasized that he could predict with considerable accuracy how Japanese officials would act regarding movements in the yen exchange rate.
He also used provocative language toward market participants, challenging speculators: “If you’re going to keep selling the yen, try taking me on.”
The remarks were made in the context of Japan-U.S. coordination over yen intervention. The event took place at a university in Texas.