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Bessent Urges Japan Rate Hike as Yen Intervention Costs Soar

9/1/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent urged Japan to raise interest rates to strengthen the yen.
Bessent met Finance Minister Satsuki Katayama and BOJ Governor Kazuo Ueda in Asheville during the G20 meeting.
Markets began pricing in a Bank of Japan rate hike at its September 17-18 policy meeting.
Japan’s Finance Ministry said the recent yen-buying intervention cost a record ¥15.4 trillion ($96.4 billion).

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Story summary

U.S. Treasury Secretary Scott Bessent urged Japan to raise interest rates to strengthen the yen.
Bessent met Finance Minister Satsuki Katayama and BOJ Governor Kazuo Ueda in Asheville during the G20 meeting.
Markets began pricing in a Bank of Japan rate hike at its September 17-18 policy meeting.
Japan’s Finance Ministry said the recent yen-buying intervention cost a record ¥15.4 trillion ($96.4 billion).