Besenet Expects Bank of Japan Governor to Implement Correct Monetary Policy

On August 31, U.S. Treasury Secretary Besenet stated that he expects Bank of Japan Governor Kazuo Ueda to "do the right thing" regarding monetary policy. When asked whether the Bank of Japan should consider consecutive interest rate hikes to address the weakening yen, Besenet remarked that he would not tell the Bank of Japan what to do, but he believes that Abenomics may have reached its end. Besenet is expected to meet with Ueda during the G20 finance ministers and central bank governors meeting in Asheville, North Carolina, on Monday. At this time, the yen has fallen below 160 against the dollar, marking the first time since Japan intervened in the foreign exchange market a month ago. The U.S. also participated in this intervention, marking the first coordinated action to support the yen between the U.S. and Japan since 1998.

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