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Story summary
- U.S. Treasury Secretary Scott Bessent sent a sarcastic letter to Senator Elizabeth Warren about the yen intervention.
- Treasury used existing Exchange Stabilization Fund assets to buy yen without a new appropriation.
- Bessent asserted Japan owes Treasury nothing because no credit was extended.
- The purchase marked the first coordinated U.S.–Japan yen-support action since 1998.
- Treasury, through the New York Fed, sold euros and bought yen, but the purchase amount was undisclosed.
