Bessent Challenges Traders by Offering Them to Bet Against the Yen: “Now I’m the Casino”
1. U.S. Treasury Secretary Says It Has an Advantage in Yen Operations:
Scott Bessent said he has more complete information about the plans of the Japanese government, the Bank of Japan, and Japanese policymakers, so his market forecasts are based on special access to information.
2. Bessent Urged Traders to Place Bets Against Him:
Speaking in Texas, the minister said traders can open positions against his actions in the currency market—effectively inviting them to test his strategy.
3. The U.S. and Japan Have Already Conducted Joint Operations Involving the Yen:
On July 31, the parties bought Japanese currency. After an initial strengthening, the yen’s rise slowed due to traders’ doubts about the scale of foreign-exchange resources available to the U.S. Treasury.
4. A Possible Rate Hike by the Bank of Japan Could Support the Yen:
According to Bloomberg, the Bank of Japan may raise its policy rate by 0.25 percentage point on September 18. Such a move typically helps strengthen the national currency.
1. U.S. Treasury Secretary Says It Has an Advantage in Yen Operations:
Scott Bessent said he has more complete information about the plans of the Japanese government, the Bank of Japan, and Japanese policymakers, so his market forecasts are based on special access to information.
2. Bessent Urged Traders to Place Bets Against Him:
Speaking in Texas, the minister said traders can open positions against his actions in the currency market—effectively inviting them to test his strategy.
3. The U.S. and Japan Have Already Conducted Joint Operations Involving the Yen:
On July 31, the parties bought Japanese currency. After an initial strengthening, the yen’s rise slowed due to traders’ doubts about the scale of foreign-exchange resources available to the U.S. Treasury.
4. A Possible Rate Hike by the Bank of Japan Could Support the Yen:
According to Bloomberg, the Bank of Japan may raise its policy rate by 0.25 percentage point on September 18. Such a move typically helps strengthen the national currency.
