I've been besieged with questions as to why Bessent has moved aggressively to prop up the Japanese yen. This piece by Nick Timiraos explains it better than I can. When you've finished with that piece, you might take a look at Aaron Back's piece which explains why only the Bank of Japan can arrest the Yen's fall. Bottom-line: You might ask yourself is this an instance where the U.S. doesn't know what it's doing? After all, to paraphrase what Bessent said at the Camp David cabinet meeting where everyone took a turn slobbering praise on Trump: 'The economic boom you've [Trump] created is the "envy of the world" and is something the Founding Fathers (specifically naming George Washington, Thomas Jefferson, and Alexander Hamilton) "could never have imagined."
[EOP]
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