US Treasury Secretary Scott Bessent stated that Japan has likely reached the conclusion of Abenomics, the reflationary program launched by former Prime Minister Shinzo Abe over a decade ago. Markets are pricing in an 80 to 90 percent probability of a BOJ rate hike in September ahead of his meeting with Governor Kazuo Ueda at the G20 finance ministers’ meeting in Asheville. The yen has recovered to around 160 per dollar after nearing 40-year lows of 164, with the US and Japan conducting coordinated currency intervention in late July to stabilize the Japanese currency.
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