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Bessent expects a stronger yen as US bond selloff pushes yields higher
The US 10-year yield is around 4.78%, while Japan reported record yen intervention spending of 15.4 trillion yen over the prior month.
US Treasury yields are rising amid an accelerating selloff, with the 10-year yield climbing to roughly 4.78% since early 2025, according to Yahoo Finance.
The move is being compounded by renewed US-Iran military exchanges, which have lifted Brent crude above $91 per barrel and have contributed to renewed inflation concerns and expectations for major central banks to keep policy restrictive.
At the G20 gathering in Asheville, North Carolina, Treasury Secretary Scott Bessent said he expects the Japanese government and the Bank of Japan to take steps that will strengthen the yen, and he said markets are already pricing in a possible BOJ rate increase.
The yen has traded near 160 per dollar, after a coordinated US-Japan yen-buying intervention on July 31, and Japan’s Finance Ministry said its intervention spending in the prior month reached a record 15.4 trillion yen, about $96.4 billion.
Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%