TODAY: Treasury Secretary Scott Bessent says the U.S. is prepared to coordinate again with Japan to address the yen's undervaluation

Treasury Secretary Scott Bessent's comment that the U.S. would not hesitate to join Japan in further coordinated FX intervention signals heightened official sensitivity to yen weakness. This raises event risk around USDJPY and can increase short-term volatility across G10 FX. Spillovers may extend to rate expectations and Japan-linked risk assets as markets reassess the perceived tolerance for disorderly currency moves.