Bessent Expects BOJ to 'Do the Right Thing' on Policy, Says Abenomics May Be Over

U.S. Treasury Secretary Scott Bessent said he expects Bank of Japan Governor Kazuo Ueda to "do the right thing" on monetary policy, but declined to say what that means in practice. Asked whether the BOJ should consider consecutive rate hikes in response to the yen's weakness, Bessent replied: "I'm not going to tell them what to do. What I would say is that I do think we've probably reached the end of Abenomics." He described Abenomics as a policy aimed at reflation. Bessent is scheduled to meet Ueda on Monday during a two-day Group of 20 finance ministers and central bank governors meeting in Asheville, North Carolina. His comments came as the yen weakened past 160 against the dollar for the first time since Japan intervened in the currency market about a month ago to support its currency. The United States also took part in that intervention -- marking the first coordinated U.S.-Japan effort to prop up the yen since 1998.