Bessent says disorderly yen moves can destabilize global markets

Aug 29 : U.S. Treasury Secretary Scott Bessent said disorderly moves in the yen could trigger "forced unwinds" of positions that risk destabilizing global markets and ultimately raising borrowing costs for U.S. households and businesses. Bessent made the comments in a letter dated August 27 and posted on his X account a day later in response to Democratic Senator Elizabeth Warren's demand for an explanation of Washington's joint currency intervention with Tokyo last month.The post came as the yen resumed weakening against the dollar despite expectations the Bank of Japan could raise interest rates in the near term.Japan and the United States carried out a rare joint yen-buying intervention on July 31, signaling their determination to prevent a selloff in the yen and Japanese government bon