World Economy

Bessent Defends Currency Intervention as Minimal, Faces Criticism Over Inflation Impact

Treasury Secretary Scott Bessent characterized the U.S. contribution to coordinated yen intervention as minimal in scale while maintaining the operation served American economic interests. The currency support effort, carried out alongside Japanese authorities, aimed to stabilize foreign exchange markets. Bessent's defense of the intervention comes amid mounting congressional scrutiny of administration trade policies. Representative Maxine Waters pressed the Treasury chief during House Finance Committee testimony, attributing rising inflation and increased borrowing costs to the government's tariff strategy and ongoing trade tensions. Bessent's characterization of the intervention as nominal reflects administration efforts to balance currency market stability with domestic economic priorities.