Bessent urges the Bank of Japan to "do the right thing" on monetary policy.
1 hours ago
US Treasury Secretary Scott Bessent said he expects Bank of Japan Governor Kazuo Ueda to "do the right thing" on monetary policy. When asked whether the Bank of Japan should consider consecutive interest rate hikes to address the yen's weakness, Bessent stated, "I won't tell them what to do. What I will say is that I do believe we may have reached the end of Abenomics. Abenomics is a policy designed to drive reflation." Bessent is expected to meet with Kazuo Ueda during the two-day G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, starting Monday. The remarks come as the yen fell below 160 against the U.S. dollar for the first time since Japan intervened in the foreign exchange market a month ago to prop up the yen. The U.S. also participated in that intervention, marking the first coordinated action by the U.S. and Japan to support the yen since 1998.
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