Bessent Says Excess Forex Volatility Undesirable

Washington, May 19 (Jiji Press)--U.S. Treasury Secretary Scott Bessent said in a social media post Tuesday that excess volatility in foreign exchange rates is "undesirable."

In the post on X, formerly Twitter, Bessent said that he held talks with Bank of Japan Governor Kazuo Ueda in Paris the same day on the sidelines of a two-day meeting of finance ministers and central bank chiefs of the Group of Seven major industrialized nations.

Bessent's comment on foreign exchange rates came at a time when the yen remains weak against the dollar.

The Japanese government and the BOJ conducted a yen-buying, dollar-selling currency market intervention in late April after the Japanese currency fell past 160 against the greenback.

The Japanese authorities are believed to have stepped in the market again this month to prop up the yen. But the Japanese currency has been trading on a weak note vis-a-vis the dollar.

[Copyright The Jiji Press, Ltd.]