The intervention helped the yen recover from multi-decade lows, although investors remain divided over whether the rebound will prove sustainable. Bessent has indicated that further action remains possible, warning that continued yen weakness could trigger broader depreciation across Asian currencies. Analysts also noted Bessent’s willingness to use a wider range of policy tools than has typically characterised US foreign exchange policy. Before entering government, Bessent spent decades in the hedge fund industry, including senior investment roles at Soros Fund Management, where he worked alongside renowned macro investor Stanley Druckenmiller. During that period, Soros Fund Management generated more than $1bn from successful bets against the yen as Japan pursued aggressive monetary easing under former Prime Minister Shinzo Abe.