Bessent ready to repeat joint yen intervention, urges bigger Fed backstop

Aug 2 : U.S. Treasury Secretary Scott Bessent said on Sunday he will not hesitate to repeat a U.S. and Japanese coordinated foreign exchange intervention that countered disorderly yen movements and urged that a Federal Reserve backstop for foreign central banks and monetary authorities be "upsized." Bessent indicated in a social media posting on X that the Fed's Foreign and International Monetary Authorities lending facility was used in the coordinated action on Friday, which was confirmed by Japan's finance ministry and President Donald Trump."The FIMA Repo Facility is an important backstop. We should encourage it to be upsized in the coming months," Bessent said.Created by the Fed during the COVID-19 pandemic crisis, the FIMA Repo Facility allows countries that keep Treasury securities o