U.S. Treasury Secretary Scott Bessent sharply criticized Senator Elizabeth Warren on Friday, accusing her of misunderstanding foreign exchange markets after she questioned his department about a rare intervention to support the Japanese yen. The feud stems from Warren’s Aug. 13 letter seeking details about Treasury’s decision to sell euros and buy yen as the Japanese currency fell to a 40-year low. The intervention marked the first coordinated U.S.-Japan effort to strengthen the yen since 1998. Japan spent 15.4 trillion yen, or approximately $96.5 billion, supporting its currency between July 30 and Aug. 26, a record for that period. Bessent declined to disclose how much yen Treasury purchased and left several of Warren’s questions unanswered, including the legal justification for the operation.
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