US Treasury Secretary Bessent challenged traders attempting to short the yen, saying when he judges markets he effectively holds "inside information" and asymmetric information. He recalled past interventions, including July 31 when he joined the Japanese government in buying yen; the currency initially rallied but then partially retraced as traders pointed to limited FX purchase funds available to the US Treasury. Bessent said he now functions as the market maker and therefore has a strong read

US Treasury Secretary Bessent challenged traders attempting to short the yen, saying when he judges markets he effectively holds "inside information" and asymmetric information. He recalled past interventions, including July 31 when he joined the Japanese government in buying yen; the currency initially rallied but then partially retraced as traders pointed to limited FX purchase funds available to the US Treasury. Bessent said he now functions as the market maker and therefore has a strong read on how the Japanese government, the Bank of Japan and other policymakers would act in any intervention, adding traders are free to try to go against him.