US sells euros to buy yen in rare joint move with Japan
Bessent told CNBC on Tuesday the US would “do whatever it takes to support them in a way that helps the American economy, the American taxpayer,” and both governments said they would not hesitate to act again.
US President Donald Trump, speaking to reporters aboard Air Force One on Sunday, framed the move as a gesture of support, saying the US was “always there for Japan,” CNN reported.
Analysts warned the boost may not last without a policy shift.
Mark Sobel, a former Treasury official now at the OMFIF think tank, told Reuters that “if Japan wants a higher yen, it needs to address the monetary and fiscal policy concerns,” citing the country’s heavy debt load and accommodative stance.
Bessent made a parallel point on CNBC: “You can give market signals with intervention, but it’s policy that turns it.”
