Bessent Suggests Japan May Have Intervened into Forex Markets

Washington, July 30 (Jiji Press)--U.S. Treasury Secretary Scott Bessent on Thursday suggested that Japanese authorities may have intervened into foreign exchange markets to support the yen.

"We think that excess volatility in the yen isn't healthy," Bessent told Fox Business.

"The Japanese yen seems very undervalued to me. The currency is very cheap," he said. "The currency markets tend to overshoot," he said.

"I think we're going to see the fundamentals come through," he said, adding that "the market will realize the yen is undervalued and it should strengthen."

Bessent said that the Japanese economy is "doing well." Japanese Prime Minister Sanae Takaichi is "very popular and enacting very strong policies," he said.

[Copyright The Jiji Press, Ltd.]