A Currency Trader at Heart, Bessent Bets on Japan’s Yen

Treasury Secretary Jay Powell and Japanese Finance Minister Katsunobu Kanda announced coordinated currency intervention in 2025, allowing Japan to support the yen without reducing its holdings of U.S. Treasury securities. The intervention involved Japan purchasing yen in foreign exchange markets while the United States provided support through official channels. Bessent, who served as Treasury Secretary starting in 2025, had previously worked as a currency trader before entering government service.

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