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Adam Posen, president of the Peterson Institute for International Economics, discusses Treasury Secretary Scott Bessent's challenge to traders to test his resolve on boosting the yen. "It's a bad policy," Posen tells Bloomberg Television. "As Secretary [Robert] Rubin used to say, and everyone up until now used to say: 'A strong dollar is in the US interest.'" (Source: Bloomberg)
US Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting the yen, saying he has insight on what the Bank of Japan is going to do. He spoke at a Southern Methodist University event in Texas. (Source: Bloomberg)
There is room for a "lot of movement" for the yen, according to Trinh Nguyen, senior economist for emerging Asia at Natixis. "The reshoring of not just Japanese investors, the hiking of interest rates, and also on top of that, the fact that JGB yields are very, very attractive and the yen is undervalued," Nguyen explains. "All these factors I think means that this time it really is different." (Source: Bloomberg)
The yen is closing in on its strongest level this year after a break through 155 per dollar triggered stop-loss orders, putting the 152 area firmly in traders’ sights.
The yen strengthened to its highest level since February, rising as much as 1.4% to 154.06 against the dollar in London trading. The gain meant the Japanese currency surpassed the peak reached after coordinated intervention by Japan and the US. Geoff Yu, senior strategist at BNY, says "some deterrence has been established" at 160 per dollar. (Source: Bloomberg)
The yen strengthened to its highest level since February, surpassing the peak reached after coordinated intervention by Japan and the US.
A sharp rise in the yen during New York trading has put traders back on high alert for any evidence that authorities will return to the market following intervention in July.