Market News
Yen Extends Gains Against Dollar as Bessent Dares FX Traders to 'Bet Against Me' - BARRON'S
The yen extended gains against the U.S. dollar on Wednesday, rising to the highest levels since mid-February, after Treasury Secretary Scott Bessent declared he was "the house" in foreign current markets and dared traders to bet against him. Bessent, speaking at an event at Southern Methodist University near Dallas late Tuesday, said he had "pretty good insight…into what the Bank of Japan is going to do, what Japanese policymakers are going to do" with respect to yen support. The yen has powered more than 6% higher against the greenback since late July, helped in part by the first joint U.S.-Japan intervention in currency markets since 1998, as was last marked at 153.24, the highest since Feb. 17.
