U.S. Treasury Secretary Scott Bessent Defends Yen Support, Citing U.S. Rate Risks

According to Wallstreetcn, U.S. Treasury Secretary Scott Bessent defended his support for the yen, saying sharp yen volatility could spread to the United States and push up U.S. interest rates. Bessent said disorderly yen trading could trigger forced liquidations, disrupt global markets, and raise borrowing costs for U.S. households and businesses. He declined to say how much money the United States used in the intervention, saying only that it involved existing yen-denominated foreign-currency assets in the Exchange Stabilization Fund (ESF).