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Bisant: US support for yen is symbolic
U.S. Treasury Secretary Scott Basset stated that the coordinated intervention by the United States and Japan to support the yen was merely symbolic, and that the Department of the Treasury used less than a billion dollars for this purpose. The operation demonstrated that a higher yen value benefits U.S. exports and prevents Japan from selling American assets. Additionally, the department profited hundreds of millions of dollars from its intervention, although profit was not the goal. Basset pointed out that, despite its symbolic nature, the intervention sent a supportive signal to Japanese policy, as Japan expects to spend over $96 billion to support the yen between July and August, and is seeking to raise interest rates to bolster the currency.
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