Besant on the yen: "I am the market maker, hold 'insider information' — short sellers can try to take me on if they dare."
1 hours ago
US Treasury Secretary Scott Bessent has challenged traders attempting to short the yen, claiming he now holds "insider information" when making market judgments. "Whenever someone says, 'Oh, the Treasury Secretary is taking a risk here,' I think that’s exactly what I want, because I have asymmetric information," Bessent said. A former hedge fund executive, he recalled several instances of his market interventions, including the joint yen-buying operation with the Japanese government on July 31. The yen rallied sharply at the time, but gave back those gains over subsequent trading sessions, in part because traders noted the US Treasury had limited funds available for foreign exchange purchases. "I’m the house now, so when we intervene in the yen market, I have a pretty good sense of what the Japanese government, the Bank of Japan, and Japanese policymakers will do. And if you want, you can bet against me," Bessent said.
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