Treasury Secretary Scott Bessent attacked Senator Elizabeth Warren over an error in her letter questioning the U.S. intervention to support the Japanese yen, offering a lesson on 'Foreign Exchange for Dummies.' Warren's letter incorrectly suggested Japan could owe Treasury money, but later correctly described the transaction as a sale of euros for yen.
Bessent's response did not disclose the size, execution rate, or current value of the U.S. yen purchase, leaving several of Warren's questions unanswered.
'In her latest letter to me, @SenWarren made it clear that she knows even less about foreign exchange markets than she does about banking,' Bessent wrote.
Warren fired back by pointing to a string of recent setbacks for the Treasury secretary, stating that his efforts to prop up a foreign currency haven't worked.
This intervention marked the first coordinated U.S.-Japan effort to strengthen the yen since 1998.
