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Bessent Defends Yen Intervention, Rejects Warren’s Claims

8/29/2026

Summary

Story summary

Treasury Secretary Scott Bessent blasted Senator Elizabeth Warren over her yen-intervention questions.
He said Treasury used Exchange Stabilization Fund assets to buy yen without a new congressional appropriation.
Bessent asserted Japan owes Treasury nothing because no credit was extended, without disclosing the yen amount.
The intervention was the first coordinated U.S.–Japan yen support since 1998, with Japan spending a record 15.4 trillion yen July 30-Aug 26.

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Story summary

Treasury Secretary Scott Bessent blasted Senator Elizabeth Warren over her yen-intervention questions.
He said Treasury used Exchange Stabilization Fund assets to buy yen without a new congressional appropriation.
Bessent asserted Japan owes Treasury nothing because no credit was extended, without disclosing the yen amount.
The intervention was the first coordinated U.S.–Japan yen support since 1998, with Japan spending a record 15.4 trillion yen July 30-Aug 26.