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Story summary
- Treasury Secretary Scott Bessent and Japan intervened, buying $5-10 billion and $50 billion of yen, moving dollar-yen rate from 164 to 157 before it settled at 159.
- Analysts said intervention ignored Japan’s debt 200 % of GDP and the U.S. used euros while Japan borrowed against Treasury holdings.
- Brookings fellow Robin Brooks warned the yen’s decline persists despite inflation data and urged the Bank of Japan to curb bond purchases and raise yields.
