Treasury Secretary Scott Bessent¡¯s suggestion of a no-limits approach toward helping Japan rescue the yen risks getting called out by market participants flagging his limited firepower to do the job.
Â鶹´«Ã½ currency slid as much as 1% Monday to past ?159 per dollar, wiping out half the rally triggered by the July 31 U.S.-Japan intervention. The exercise, the first coordinated effort since 1998, had lifted the currency near ?155 before the retreat resumed.
In the wake of that unusual operation, Bessent said ¡°we will do whatever it takes to support them in a way that helps the American economy, the American taxpayer, stabilizes the global economy.¡±
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