A former senior Bank of Japan official has warned that what was described as “unusual” intervention by U.S. Treasury Secretary Bessent in Japan’s currency affairs could damage the central bank’s credibility and trigger larger swings in global markets. The remarks come as markets expect the Bank of Japan to raise rates by 25 basis points at next week’s meeting. Bessent said he had inside information on the BOJ’s intentions, a claim that drew a sharp response in Japan. Finance Minister Satsuki Katayama said the comment was “a little scary.” The episode has put added attention on how external remarks about Japanese monetary policy may affect market expectations ahead of the BOJ decision.
According to ChainCatcher, a former senior Bank of Japan official warned that what he described as “unusual” intervention by U.S. Treasury Secretary Bessent in Japan’s currency affairs could damage the Bank of Japan’s credibility and cause bigger swings in global markets.
Markets expect the BOJ to raise interest rates by 25 basis points at next week’s meeting. Bessent said he had inside information on the central bank’s intentions. Japan’s Finance Minister Satsuki Katayama said the remarks were “a little scary.”
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