US Buys Yen for First Time Since 1998 as Bessent Eyes Treasury Yields
Updated
Updated · Bloomberg · Aug 3
US Buys Yen for First Time Since 1998 as Bessent Eyes Treasury Yields
3 articles · Updated · Bloomberg · Aug 3
Summary
Friday’s intervention marked the first US yen purchases since 1998, pushing the Treasury into new territory in currency-market operations under Secretary Scott Bessent.
The move was likely aimed at influencing US Treasury yields, using the foreign-exchange market as part of a broader rates strategy.
The 1998 comparison ties the action to the Asian financial crisis era, underscoring how unusual direct US yen buying has been.
Bessent’s step suggests the Treasury is willing to use currency-market tools more aggressively as it navigates pressure in the US bond market.