US Treasury Chief Pushes Fed for Bigger Yen Defense Fund Amid Currency Turmoil
In an unusual public move, US Treasury Secretary Scott Bessent has pressed the Federal Reserve to expand a key dollar liquidity tool, the Foreign and International Monetary Authorities (FIMA) repo facility, to help Japan defend its struggling yen. This comes right after the US and Japan carried out a rare joint currency intervention to prop up the Japanese yen, which had plunged to its weakest against the dollar in 40 years, hitting around 164 yen per dollar in late July 2026. Bessent's call highlights global concerns over currency stability and the intricate links between international financial markets.















