U.S. Treasury Secretary Bessent said he expects Bank of Japan Governor Ueda to
"do the right thing" on monetary policy, adding he would not tell the BOJ how to
act and that Abe-style reflation policies may have run their course. He said he
expects to meet Ueda at the two-day G20 finance ministers and central bank
governors meeting starting Monday in Asheville. The remarks came as the yen fell
below 160 per dollar — the first breach since Japan's FX intervention a month
ago — and after the United States joined Japan in the coordinated intervention,
the first U.S.-Japan joint action to support the yen since 1998.
