US will do 'whatever it takes' to support Japan after yen intervention, Bessent says

US will do 'whatever it takes' to support Japan after yen intervention, Bessent says  Reuters

Bessent said the yen's substantial undervaluation could trigger other economic problems or competitive devaluations of other currencies "which is unhealthy."

Treasury Secretary Scott Bessent wants to defend the yen without selling Treasurys into a sensitive U.S. bond market. The Federal Reserve could help.

CurrenciesJGB yields rise and stocks fall as Japan finance minister's words keep traders waryOn July 31, Japan purchased the yen "in coordination with the U.S. Department of the Treasury," Japanese Finance Minister Satsuki Katayama said in a statement on Aug. 3. (Nikkei montage/Source photos by Ken Suzuki, Shintaro Ino

WASHINGTON (AP) -- The United States recently intervened in the currency market to support the weakening yen at the request of Japan, President Donald

U.S. and Japanese officials confirmed on Sunday that the Treasury Department had moved last week to help the currency.

The U.S. joined Japan in buying yen, helping reverse the currency's slide as authorities signaled that further coordinated action remained possible.