Bessent Sells Euros to Buy Yen in Rare US-Japan Currency Intervention | August 3, 2026 – Morning Market Briefing

Ben and Tom discuss the rare coordinated currency intervention with the US joining Japan and possibly Korea to prop up the yen from 164 to 155, Japan spending at least $53 billion with the US chipping in over $1 billion — reportedly by selling euros rather than dollars in a strategic move to pressure Eurozone policy while supporting Japan, Bessent's incentive to keep Japan from dumping US Treasuries, Japan's plan to tap a COVID-era $60B/day USD swap facility, Iran signaling that Hormuz talks with Oman are entering the final stages after MBS urged Trump to prioritize dialogue, and the market reaction with oil down 5% to the high-$70s/low-$80s, the 10-year at 4.68%, and stocks up 0.5%.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure