Two Yen-related updates:

1. The yen has weakened to 160 per US dollar again, which is bound to fuel intervention speculation (CNBC chart below). 2. In a letter to Senator Elizabeth Warren, US Treasury Secretary Scott Bessent stated that “Japan is a major holder of U.S. Treasuries…. Disorderly yen markets can trigger forced unwinds, which could destabilize global markets and ultimately raise borrowing costs for American families and businesses.” #economy #japan #markets #yen #fx — via @elerianm

Yen at 160 fuels intervention speculation; Bessent flags disorderly yen moves impacting Treasury holders.