Senator Warren has asked Treasury Secretary Bessent to explain the rationale for
the Trump administration's intervention in the yen, continuing her review of the
administration's FX policy. In an Aug. 13 letter she said the government has not
provided a detailed rationale or disclosed how much taxpayer funds were used to
buy yen. After the July 31 action Bessent confirmed media reports that the US
and Japan jointly intervened to support the yen—the first coordinated
intervention since 1998—but has not disclosed the size of the intervention.
