In a Letter Dated March 27 to Democratic Senator Elizabeth Warren, Bessent Noted That Japan Is a Major Holder of U

U.S. Treasury Secretary Scott Bessent said last month's rare yen-buying intervention was driven by concerns that yen volatility could push U.S. interest rates higher. In a letter dated March 27 to Democratic Senator Elizabeth Warren, Bessent noted that Japan is a major holder of U.S. Treasury bonds, according to reports from Bloomberg and other outlets on March 28. The letter was a response to Warren's request for further explanation of the U.S. decision to intervene in currency markets by buying yen. The U.S. stepped in to help the Japanese government at the end of September to prevent a sharp decline in the yen's value. It marked the first time since 1998 that the U.S. intervened by purchasing yen.