Story perspectives

Treasury Secretary Bessent Supports Yen, Targets Lower 10-Year Yields

8/10/2026

Summary

Story summary

U.S. Treasury Secretary Scott Bessent intervened to support the yen, the first such action since 1998.
He highlighted a Federal Reserve repo facility that Tokyo could tap.
Bessent said the administration aims to lower 10-year Treasury yields, now about 4.65%.
Treasury altered quarterly refunding guidance from “potential future increases” to “potential changes.”
A BMO Capital Markets poll found 61% of clients expect the next 30-year auction to be reduced.

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Story summary

U.S. Treasury Secretary Scott Bessent intervened to support the yen, the first such action since 1998.
He highlighted a Federal Reserve repo facility that Tokyo could tap.
Bessent said the administration aims to lower 10-year Treasury yields, now about 4.65%.
Treasury altered quarterly refunding guidance from “potential future increases” to “potential changes.”
A BMO Capital Markets poll found 61% of clients expect the next 30-year auction to be reduced.