Treasury Secretary Scott Bessent announced that the United States supported Japan's effort to strengthen the yen due to its weakness, which could destabilize Asian markets. Bessents warned that a weaker yen could pressure other countries to devalue their currencies, citing volatility in the South Korean won and concerns that China's yuan is undervalued. The U.S. and Japan conducted a coordinated yen-buying intervention after Bessant described a "substantial undervaluation" of the Japanese currency. He added that the two governments had been in close contact and that Washington believed Japan would pursue policies to return the yen to a more normal level. BESSent cautioned that intervention alone would not determine the currency's direction.