U.S. Treasury Secretary Bessent stated on Sunday that the recent movement of the Japanese yen has been “well-controlled,” indicating that the U.S. does not view the currency’s renewed depreciation as reflecting the kind of disorderly conditions that prompted a rare joint intervention by the U.S. and Japan in the foreign exchange market last month.
The yen fell past the 160-per-dollar mark last Friday. Markets generally believe that breaching this level increases the likelihood of official intervention, drawing heightened investor attention to whether the U.S. and Japan might step in again to support the currency. On the morning of the 30th, the yen remained little changed against the dollar, trading at 160.