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Tremors in Japan prompt U.S. Treasury to weigh currency intervention
By Joe Rennison, Alan Rappeport, and Colby Smith
The New York Times
Friday, January 23, 2026
The U.S. Treasury took preliminary steps today toward intervening in the currency market after Scott Bessent, the Treasury secretary, expressed concern that Japanese market ructions could spill over to the United States.
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The Federal Reserve Bank of New York asked banks, on behalf of the Treasury Department, about the cost of exchanging yen for dollars, an unusual move that prompted a sharp recovery in the value of the Japanese currency, two people familiar with the matter said.
Currency values help determine bond yields, and Bessent this week blamed a rise in Japanese bond yields for driving up U.S. government borrowing costs.
The Trump administration has been focused on lowering yields on U.S. Treasuries, which underpin borrowing costs across consumer and corporate debt. Lowering borrowing costs is part of the administration's recent push to improve affordability for Americans. ...
... For the remainder of the report:
https://www.nytimes.com/2026/01/23/business/yen-dollar-treasury-bessent.html
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