Bessent praised coordinated action that countered disorderly yen movements after the currency hit 40-year lows
US Treasury chief backs joint yen intervention, urges bigger Fed backstop
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Summary
The Financial Times reported on Friday that the US Treasury had jointly intervened with Japan to prop up the yen for the first time in nearly three decades. The move would be the first coordinated US-Japan effort to support the yen since 1998. As of the end of May, Treasury data shows Japan held $1.14 trillion of Treasuries, the most of any foreign nation and second only to the Fed itself.
Furthermore, Foreign central banks and monetary authorities currently have just under $3 trillion on deposit at the New York Fed, with about $2.65 trillion of that amount in Treasuries, according to the latest Fed data. FIMA was established by the Federal Open Market Committee – the Fed's rate-setting arm – and any changes to its lending parameters or structure would require the committee’s approval. BESSENT PRAISES DIRECTION OF TAKAICHI'S GOVERNMENT The U.S. Treasury chief said the coordinated foreign exchange actions "countered disorderly yen movements" that pushed the currency to new 40-year lows against the dollar last week.
In addition, The Japanese currency recently fell to its weakest level against the dollar in 40 years. Yen at 40-year low: Japan and US support falling yen.
Cross-referenced from 8 sources across 5 countries and 2 languages.
Factual coreconfirmed by several independent voices
Insufficient core: not enough independent confirmations to retain a shared fact.
Reported detailssecondary facts, each attributed to its source
The Financial Times reported on Friday that the US Treasury had jointly intervened with Japan to prop up the yen for the first time in nearly three decades.
according to Malay MailThe move would be the first coordinated US-Japan effort to support the yen since 1998. — AFP
according to Malay MailAs of the end of May, Treasury data shows Japan held $1.14 trillion of Treasuries, the most of any foreign nation and second only to the Fed itself.
according to Free Malaysia Today +1Foreign central banks and monetary authorities currently have just under $3 trillion on deposit at the New York Fed, with about $2.65 trillion of that amount in Treasuries, according to the latest Fed data.
according to Free Malaysia Today +1FIMA was established by the Federal Open Market Committee – the Fed's rate-setting arm – and any changes to its lending parameters or structure would require the committee’s approval.
according to Channel News Asia +1BESSENT PRAISES DIRECTION OF TAKAICHI'S GOVERNMENT The U.S. Treasury chief said the coordinated foreign exchange actions "countered disorderly yen movements" that pushed the currency to new 40-year lows against the dollar last week.
according to Channel News AsiaThe Japanese currency recently fell to its weakest level against the dollar in 40 years.
according to FAZ - Wirtschaft +2Yen at 40-year low: Japan and US support falling yen.
according to FAZ - Wirtschaft +2
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