US Treasury Secretary Scott Bessent challenged traders to bet against his campaign to strengthen the yen, saying his coordination with Japanese officials gives him rare insight into the Bank of Japan’s next moves. The dollar-yen traded near 153.6, down from levels above 155 in recent weeks. The Bank of Japan may hike rates by 0.25% at its September 18 meeting. Japan spent $96.4 billion between July 30 and August 26 to defend the yen, which had slid to a four-decade low. Hedge funds are now betting the pair falls below 150 by year-end, with some options trades targeting a move as low as 140.
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