Bessent dares traders to bet against yen: ‘I am the house now’

Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting Japan’s currency, saying when he makes market calls these days he’s effectively doing so with inside information. The former hedge fund executive, who made his name with outsized currency wagers, recently oversaw the first purchases of yen by U.S. authorities in three decades and surprised market participants last month with plans to ramp up buybacks of U.S. Treasuries to restrain a surge in yields.