Treasury Secretary Bessent’s Yen Defense Is a Risky Innovation

Global economic policy now seems at the mercy of an exceptionally casual approach to information, scribbled on a notepad, awaiting an update on Scott Bessent's to-do list.

The US Treasury secretary has demonstrated a willingness to adopt unorthodox methods.

Treasury Secretary Scott Bessent’s decision to join Japan in supporting the yen was the first joint intervention of its kind for decades and took investors by surprise. There’s a respectable case for such cooperation: The US and Japan can both benefit, at least for a while. But…