US Treasury Secretary Bessent backs Yen support, urges BoJ clarity

Christian Borjon Valencia FXStreet

US Treasury Secretary Scott Bessent said on Tuesday that he emphasized the importance of sound formulation and communication of monetary policy to anchor inflation expectations in a meeting with Bank of Japan (BoJ) Governor Kazuo Ueda.

Bessent added that the support Japan’s steps to address the undervaluation of the Japanese Yen.

Key highlights:

I EMPHASIZED THE IMPORTANCE OF SOUND FORMULATION AND COMMUNICATION OF MONETARY POLICY TO ANCHOR INFLATION EXPECTATIONS IN MEETING WITH THE BANK OF JAPAN GOVERNOR.

I EXPRESSED STRONG SUPPORT FOR JAPAN'S DECISIVE MARKET AND MONETARY STEPS TO ADDRESS THE SUBSTANTIAL UNDERVALUATION OF THE YEN.

I TOLD THE BOJ GOVERNOR TO AVOID EXCESS FX RATE VOLATILITY.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.26%	0.18%	0.22%	0.33%	0.16%	0.30%	0.47%
EUR	-0.26%		-0.07%	0.00%	0.09%	-0.08%	0.06%	0.21%
GBP	-0.18%	0.07%		0.04%	0.17%	-0.03%	0.11%	0.28%
JPY	-0.22%	0.00%	-0.04%		0.11%	-0.08%	0.08%	0.22%
CAD	-0.33%	-0.09%	-0.17%	-0.11%		-0.19%	-0.05%	0.12%
AUD	-0.16%	0.08%	0.03%	0.08%	0.19%		0.15%	0.29%
NZD	-0.30%	-0.06%	-0.11%	-0.08%	0.05%	-0.15%		0.17%
CHF	-0.47%	-0.21%	-0.28%	-0.22%	-0.12%	-0.29%	-0.17%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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