Por qué Bessent ha tenido que viajar a Japón: Tokio quiere vender la deuda de EEUU

Scott Bessent traveled to Japan this week to manage a problem that threatens the US Treasury market directly: every time Tokyo intervenes to defend the yen, it sells US government bonds and pushes American yields higher. But the problem is structural, not temporary. With public debt around 237% of GDP and chronic deficits, Japan can no longer cheaply subsidize US debt the way it has for three decades through monetary repression. In this video we analyze the three possible paths — currency intervention, BOJ rate hikes, or letting the yen fall — and why all three lead to higher US Treasury yields through different channels. The uncomfortable conclusion is that the real root of the problem is Japanese fiscal policy, not monetary policy, which is why the clean solution is politically impossible in both Tokyo and Washington. 📊 CHAPTERS 0:32 The two charts that explain everything 0:49 Japan at 250% of GDP: the fiscal backdrop 1:29 The Bank of Japan as buyer of last resort 2:09 The 160 yen-per-dollar ceiling 3:17 How Japan intervenes by selling US Treasuries 3:52 Why this operation worries Bessent 5:01 [Mintos] 7:04 Why "just stop selling" isn't a solution 7:49 Bessent, former macro fund manager, knows speculative attacks 8:44 Trump, the yuan, and competitiveness 9:13 What Bessent actually asks of the BOJ 10:08 The cost of higher rates: carry trade unwind 11:15 Why it's still the least bad option 12:18 The real root: fiscal, not monetary 13:46 The impossible exit: fiscal and monetary tightening at once 🏦 Invest in corporate fixed income through Mintos: https://invest.mintos.com/c/4454477/1... Earn a €25 bonus for starting to invest with €1,500 or more (Subject to conditions). Scott Bessent visited Japan this week to address a problem that directly threatens the US debt market: every time Tokyo intervenes to defend the yen, it sells US Treasury bonds and pushes its interest rates upward. But the problem is structural, not cyclical. With public debt around 250% of GDP and a chronic deficit, Japan can no longer cheaply subsidize US debt as it has done for three decades through monetary repression. In this video, we analyze the three possible solutions—intervention, a Bank of Japan rate hike, or letting the yen fall—and why all of them lead to higher US interest rates. The uncomfortable conclusion is that the real root of the problem is Japan's expansionary fiscal policy, not its monetary policy, and that's why a clean solution is politically unfeasible in both Tokyo and Washington. 📊 INDEX 0:32 The two charts that explain everything 0:49 Japan at 250% of GDP 1:29 The BOJ as buyer of last resort 2:09 The 160 yen per dollar ceiling 3:17 How Japan intervenes by selling Treasuries 3:52 Why it keeps Bessent up at night 5:01 [Minutes] 7:04 Why asking them to stop isn't enough 7:49 Bessent and the risk of speculative attack 8:44 Trump, the yuan, and competitiveness 9:13 What Bessent is really asking of the BOJ 10:08 The price: dismantling the carry trade 11:15 Why it's still the least bad option 12:18 The root isn't monetary, it's fiscal 13:46 The impossible way out Disclaimer: Investing involves risk; you can lose your invested capital. Past performance is not indicative of future results.