US Treasury Secretary Scott Bessent challenged investors to short the yen during a speech at Southern Methodist University, claiming he holds asymmetric information about Japanese policy. In late July, the United States executed its first yen-buying intervention since 1998, coordinating with Japan which spent a record 96.4 billion dollars to support its currency. This operation pushed the USD/JPY exchange rate from nearly 164 down to around 153, representing roughly 7 percent yen appreciation. The Treasury Department also announced plans for repurchases of longer-dated US bonds valued at 5 to 6 billion dollars.
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