U.S. Treasury Secretary Bessent said the United States could reach an agreement with Iran as soon as “tomorrow” to open the Strait of Hormuz, according to CNBC. He added that a deal tied to the waterway could be reached on Tuesday or Wednesday.
In the same remarks, Bessent addressed currency market issues in Asia. On yen intervention, he said he believes the Bank of Japan will take the right policy steps. He also said that if the yen weakens, other currencies will follow. Bessent added that he was pleased to stand with Japan in helping stabilize conditions.
He also pointed to what he described as excessive volatility in the South Korean won. On Federal Reserve facilities, Bessent said it would be reasonable for the Fed to consider expanding the Foreign and International Monetary Authorities repo facility, adding that the tool is no different from FX swap lines.
The comments covered currency intervention, regional market volatility, Fed liquidity tools, and the possible timing of an Iran agreement related to the Strait of Hormuz.
BlockBeats reported on Aug. 4, citing CNBC, that U.S. Treasury Secretary Bessent said he believes the Bank of Japan will take the right policy actions when asked about yen intervention.
Bessent said that if the yen weakens, other currencies will follow. He also said he was honored to stand with Japan and help stabilize the situation. In the same remarks, he said he had seen excessive volatility in the South Korean won.
On Federal Reserve facilities, Bessent said it would be reasonable for the Fed to consider expanding the Foreign and International Monetary Authorities repo facility. He added that the tool is no different from foreign exchange swap lines.
Bessent also said the United States could “possibly reach an Iran deal tomorrow” to open the Strait of Hormuz. He added that an agreement related to the Strait of Hormuz could be reached on Tuesday or Wednesday.
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