U.S. Treasury Secretary Scott Bessent sharply criticized Senator Elizabeth Warren over an August 13 letter questioning Treasury’s sale of euros for yen through the Exchange Stabilization Fund after the Japanese currency fell to a 40-year low. Bessent said Warren’s opening language incorrectly implied Japan could owe Treasury money, although her letter later correctly described the transaction and stated that Japan had not borrowed from Treasury or the Federal Reserve. He said Treasury exchanged existing foreign-currency assets for yen, with no new congressional appropriation or credit extended to Japan. Bessent defended the intervention as necessary to protect U.S. economic interests, arguing that a disorderly yen could destabilize global markets and increase U.S. borrowing costs. His response did not disclose the purchase size, execution rate, current value, whether the European Central Bank was consulted, or the detailed legal rationale Warren requested. A July 31 Reuters photo showed a Bessent notepad referring to a planned Japanese yen purchase of $5 billion to $10 billion, but the response did not confirm the final transaction size. The intervention was the first coordinated U.S.-Japan effort to strengthen the yen since 1998. Japan spent 15.4 trillion yen, about $96.5 billion, supporting its currency between July 30 and August 26, according to Japanese Finance Ministry data.