Don’t Cheer the Yen Rebound. It’s a Political IOU.
The coordinated US-Japan intervention to save the yen feels like a rescue, but look at who is pulling the strings. Scott Bessent—dubbed the ‘Mad Hatter’ by critics—is weaponizing the Fed for diplomatic leverage, not to fix structural flaws. With the gap between US tight and Japan loose monetary policy still wide open, this rebound is just a thin coat of geopolitical paint over a structural fracture.