ECB governing council member Nagel criticised the US for selling euros to support the yen without prior coordination with European partners, saying advance consultation on such interventions would have been preferable. Nagel made the remarks while attending the G20 finance chiefs and central bank governors meeting. Japan intervened in FX markets in late July; US Treasury Secretary Bessent confirmed in early August that the US had assisted against ‘disorderly’ yen moves, and reports say the US us

ECB governing council member Nagel criticised the US for selling euros to support the yen without prior coordination with European partners, saying advance consultation on such interventions would have been preferable. Nagel made the remarks while attending the G20 finance chiefs and central bank governors meeting. Japan intervened in FX markets in late July; US Treasury Secretary Bessent confirmed in early August that the US had assisted against ‘disorderly’ yen moves, and reports say the US used euros rather than dollars, breaking long-standing practice. Nagel said the issue has been raised and publicly discussed and that Europeans are not pleased the action lacked prior coordination.