US Treasury Secretary Bessent calls Japan 'behind the curve' on inflation after first joint yen intervention since 2011The United States and Japan just pulled off their first coordinated currency intervention in 15 years. US Treasury Secretary Scott Bessent publicly criticized the Bank of Japan on August 2 for dragging its feet on monetary policy normalization, calling the central bank “behind the curve” on inflation. The BoJ’s awkward positionThe BoJ held its policy rate unchanged at 0% during its July 30-31 meeting, just days before the intervention. Internal divisions have become increasingly visible, with recent split votes on policy decisions signaling a faction within the central bank pushing for hawkish action. The last time a BoJ policy surprise disrupted carry trades, in the summer of 2024, it triggered a sharp selloff in risk assets globally.