U.S. Treasury Secretary Scott Bessent said disorderly yen movements could force investment-position unwinds, destabilize global markets and raise borrowing costs for U.S. households and businesses. In an August 27 letter posted on X the following day, he defended the rare July 31 joint yen-buying intervention with Japan, saying Treasury exchanged existing foreign-currency assets in the Exchange Stabilization Fund for yen, extended no credit to Japan and sought no new congressional appropriation. Senator Elizabeth Warren (D-Mass.) challenged the operation, prompting a heated exchange. The yen briefly strengthened from a 40-year low near 164 per dollar to about 155.20-155.23 after the intervention but later weakened beyond 160 as Federal Reserve Chair Kevin Warsh’s comments revived expectations of higher U.S. interest rates and encouraged yen-funded carry trades. Japan reported ¥15.3993 trillion, or about $96.2 billion, of intervention from July 30 through August 26, while the U.S. transaction size remains undisclosed. The dispute was highlighted in a wider Benzinga roundup that also covered bond-market changes, U.S. debt above $40 trillion, household financial vulnerability and wage stagnation.