Oil prices turn lower as Bessent says U.S. may have Iran deal "today or tomorrow"

Investing.com-- U.S. Treasury Secretary Scott Bessent said on Sunday that Washington would not hesitate to participate in further coordinated foreign exchange intervention with Japan if disorderly moves in the yen persist.

In a post on X, Bessent said Friday’s joint intervention by the U.S. and Japan had countered "disorderly yen movements" and that the Treasury remained in close contact with Japan’s Ministry of Finance (MOF) and the Bank of Japan (BOJ).

Get premium Asia FX insights with InvestingPro subscription -- at 55% off now

"We will not hesitate to participate in further joint intervention," Bessent wrote, adding that the Treasury also supports expanding the Federal Reserve’s Foreign and International Monetary Authorities (FIMA) Repo Facility, calling it an important liquidity backstop.

The remarks came after Japan confirmed it had carried out its first coordinated yen-buying intervention with the U.S. since 2011, following a sharp slide in the Japanese currency to a 40-year low against the dollar.

The coordinated intervention helped the yen rebound sharply. The currency strengthened by more than 2% on Thursday and extended those gains on Friday, reaching below the 158-per-dollar level ahead of the Bank of Japan’s policy decision.

The BOJ kept its short-term interest rate unchanged at 1% on Friday but signaled it remained prepared to raise rates further if underlying inflation continued to strengthen.

The yen’s USD/JPY pair last traded 0.1% higher at 157.71 yen by 00:04 GMT on Monday, after sliding nearly 4% last week.

President Donald Trump also endorsed the coordinated intervention, describing it as an act of friendship and economic cooperation between the two allies.

“They wanted a little bit of help, and we’re always there for Japan,” Trump told reporters aboard Air Force One on Sunday.

Bessent said the U.S. strongly supports Japan’s recent market and monetary policy steps to address what he described as the yen’s substantial undervaluation, adding that Prime Minister Sanae Takaichi’s government was entering "an exciting new phase of Abenomics."

Markets don't take breaks—but you can.

While you're enjoying summer, the market keeps moving. The good news? ProPicks AI never stops working—analyzing thousands of stocks using 100+ financial metrics to surface winning opportunities for you.
Our Tech Titans strategy has more than doubled the S&P 500 since launching in Nov 2023, catching winners like Siemens Energy (+231.5%) and Sandisk (+189%) before the crowd.
Invest smarter this summer—without sacrificing your downtime.