U.S. Spent "Nominal Amount" in Joint Yen-Buying Intervention

Washington, Sept. 15 (Jiji Press)--U.S. Treasury Secretary Scott Bessent said Tuesday that the U.S. side spent a "nominal amount" in its joint currency market intervention with Japan in July to rectify the yen's rapid weakening against the dollar.

In a testimony before the House of Representatives' Financial Services Committee, Bessent said, "A stronger yen is better for American exports."

"A stronger yen means that the Japanese government will not have to sell U.S. assets to finance foreign currency interventions," he added.

In late July, Japanese and U.S. currency authorities conducted their first concerted yen-buying intervention in about 28 years, highlighting their stances of not tolerating an excessive weakening of the Japanese currency.

Japan's Finance Ministry was "very transparent with us," Bessent said over the joint market action.

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