U.S. Senator Warren questioned Treasury Secretary Besant, demanding disclosure of the scale and legal basis of the U.S. intervention in the Japanese yen on July 31.
U.S. Senator Elizabeth Warren sent a letter to Treasury Secretary Janet Yellen on August 13, requesting an explanation of the specific scale, legal basis, and estimated cost to U.S. taxpayers of the U.S. government's use of euro funds from the Exchange Stabilization Fund (ESF) to intervene in the Japanese yen on July 31. Warren also inquired whether the Treasury Department had communicated with the European Central Bank (ECB) before using the euro funds and requested Yellen to respond by August 28. Previously, Yellen had confirmed that the U.S. and Japan had jointly intervened in the foreign exchange market for the first time since 1998 to support the yen, but the specific amount of funds has not yet been disclosed.
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