Scott Bessent Declares Himself ‘The House,’ Dares Traders to Bet Against His Yen Gambit
4 Articles
4 Articles
Scott Bessent Declares Himself ‘The House,’ Dares Traders to Bet Against His Yen Gambit
Treasury Secretary Scott Bessent declared himself “the house” and dared currency traders to bet against his efforts to strengthen the Japanese yen Tuesday, arguing his position gave him an information advantage over the market.
US Treasury Secretary Bescent reiterated his stance of supporting the yen. Amid growing expectations of further interest rate hikes by the Bank of Japan, the yen rose to its highest level in approximately seven months. Attention is also focused on the unwinding of yen carry trades, which have supported global financial markets.
U.S. Treasury Secretary Scott Bessent recently reiterated his commitment to supporting the yen. Meanwhile, with a Bank of Japan interest rate hike seemingly inevitable, the future of the global yen carry trade, valued at 23,400 yen, is attracting considerable attention. According to a report in the Financial Times on September 9th, Bessent told capital markets not to test his resolve to support the yen. He said, "I am the market maker now!" Be…
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