Former Bank of Japan official: Bessent's intervention may undermine credibility

Former senior officials of the Bank of Japan warned that U.S. Treasury Secretary Janet Yellen's "unusual" intervention in Japan's monetary affairs could undermine the credibility of the Bank of Japan and trigger greater volatility in global markets.

Markets expect the Bank of Japan to raise interest rates by 25 basis points at next week's meeting. Yellen claimed to have insider information about the intentions of the Bank of Japan, and Finance Minister Shunichi Suzuki stated that her remarks were "a bit frightening."