Bessent uses moves from his hedge fund days to prop up Japan's yen-and America's national debt
U.S. Treasury Secretary Scott Bessent is utilizing his background as a hedge fund manager to address currency volatility, specifically regarding the Japanese yen. His recent intervention marks a departure from traditional Treasury strategies, leveraging his deep historical knowledge of global financial markets.
Scott Bessent was in his early thirties, working at Soros Fund Management, when the Asian financial crisis tore through currency markets in 1997 and 1998—a crisis he said was triggered, in part, by an overly weak yen. He was in his late twenties, working under George Soros and Stanley Druckenmiller, when they shorted the British pound and “ broke the Bank of England ” just a few years earlier.
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