Fed and Bessent Aid Japan in Recovering Yen Value

WHO:

Bloomberg Markets - U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Satsuki Katayama are involved in the efforts to stabilize the yen.

WHAT:

Bloomberg Markets - The yen experienced a notable rebound after a prolonged decline, which had contributed to inflation in Japan and affected global markets.

The Japan Times - At the close of New York trading on a Friday, the yen was quoted at 157.40 to the dollar, marking its strongest position since early May.

The Japan Times - Just two days prior, the yen was at its weakest levels since 1986.

WHERE:

Bloomberg Markets - The actions took place in Japan and the U.S., with specific reference to New York trading.

WHEN:

The Japan Times - The yen's value was reported at 157.40 to the dollar at the close of New York trading on a Friday.

WHY:

Bloomberg Markets - The yen's decline had been causing inflation in Japan and rising import costs for businesses and consumers.

HOW:

The Japan Times - The yen's sharp gains were driven by direct purchases of the currency, calls by officials to banks that trade the currency, and public statements from Bessent and Katayama.

(UPDATED August 1, 2026 16:22 UTC)

U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Satsuki Katayama are working together to stabilize the yen, which has recently rebounded after a significant decline that had been driving inflation in Japan and impacting global markets. At the close of New York trading on a Friday, the yen was quoted at 157.40 to the dollar, its strongest position since early May, following a period where it hit its weakest levels since 1986 just two days earlier. This sharp recovery was fueled by direct purchases of the currency, coordinated efforts by officials to engage banks, and public statements from Bessent and Katayama.