Bessent Says U.S. Prepared to Coordinate Further Yen Intervention if Needed

U.S. Treasury Secretary Scott Bessent said on Sunday that Washington is prepared to participate in further coordinated foreign exchange action with Japan if the yen experiences renewed disorderly declines, indicating that Friday's intervention may not be an isolated event.

Writing on X, Bessent said the U.S. Treasury remains in close contact with Japan's Ministry of Finance and the Bank of Japan following the joint yen-buying operation.

The intervention—the first coordinated U.S.-Japan action since 2011—was followed by a sharp rebound in the yen after the currency had fallen to a 40-year low against the U.S. dollar. The yen gained more than 2% on Thursday and extended those gains on Friday, briefly trading below 158 per dollar. By Monday, USD/JPY stood at 157.71, leaving the pair down nearly 4% for the week.

The Bank of Japan kept its policy rate unchanged at 1% on Friday while maintaining that additional rate increases remain possible if inflation trends continue, highlighting the role of monetary policy in shaping expectations for the yen.

President Trump separately described the intervention as a gesture of alliance support rather than an economic necessity.

Bessent's comments suggest that coordinated foreign exchange intervention remains an available policy option should market conditions warrant further action. Together with the Bank of Japan's policy guidance, these developments are likely to remain in focus for market participants assessing the outlook for the Japanese yen.