Framing Analysis
Treasury Secretary Scott Bessent defended a joint U.S.-Japan currency intervention that used existing Exchange Stabilization Fund assets to support the yen after it reached a 40-year low and fell below 160. Senator Elizabeth Warren had sent a letter on August 14 seeking details on the action, which involved no new congressional appropriations or credit extensions to Japan. Bessent stated that disorderly yen movements would increase U.S. interest rates.