U.S. Treasury Secretary Bessent told CNBC he has a good working relationship with Japan’s finance minister Katayama and that the U.S. and Japan are closely coordinating to curb yen depreciation. He said establishing an intervention framework is important, that a stable yen is vital to the U.S. and the region, and warned yen weakness could spill into other currencies. Bessent declined to pre-judge Bank of Japan actions but said he expects necessary steps and that intervention must be accompanied

U.S. Treasury Secretary Bessent told CNBC he has a good working relationship with Japan’s finance minister Katayama and that the U.S. and Japan are closely coordinating to curb yen depreciation. He said establishing an intervention framework is important, that a stable yen is vital to the U.S. and the region, and warned yen weakness could spill into other currencies. Bessent declined to pre-judge Bank of Japan actions but said he expects necessary steps and that intervention must be accompanied by policy follow-up.