U.S. Treasury Secretary confirms Washington's support for Japanese yen

Treasury Secretary Scott Bessent said Washington joined coordinated action to support the yen and stands ready to intervene again if needed.

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U.S. Treasury Secretary Scott Bessent testifies before the Senate Finance Committee hearing on President Donald Trump's Fiscal Year 2027 budget request for the Treasury Department on Capitol Hill in Washington on June 3.

U.S. Treasury Secretary Scott Bessent on Sunday acknowledged that the United States joined a coordinated intervention in the foreign exchange market to support Japan's efforts to strengthen the yen, and said the U.S. is prepared to take further action if necessary.

“We strongly support Japan’s decisive market and monetary steps to correct the substantial undervaluation of the yen,” Bessent wrote on X on Sunday. “Friday’s coordinated foreign exchange actions countered disorderly yen movements.”

The secretary emphasized the U.S.’s collaborative relationship with Japan.

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“Treasury remains attentive and in close communication with our counterparts at [Ministry of Finance of Japan] and [Bank of Japan],” Bessent added.

U.S. President Donald Trump also acknowledged the intervention while speaking to reporters on Sunday.

“They have a weakening yen, and they wanted a little bit of help,” Trump told the reporters on Air Force One. “And we’re always there for Japan.”

BY JEONG JAE-HONG [lee.jiwon10@joongang.co.kr]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.


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