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&#x27;s incentive to keep Japan from dumping US Treasuries, Japan&#x27;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/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

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

The Morning Market Briefing

Good morning, welcome to the The Morning Market Briefing. Today is Monday, August 3, 2026. Children go back to school here in Georgia in early August, which is mind-blowing to me. Yeah, Cobb County's there today.

Yeah, so it'll be, the roads will be packed, but we'll be grinding here. And there's a lot to talk about today. We had a lot about going on in the international sphere as it relates to matters of high finance, as they say, whether it's currencies, commodities with oil prices.

And then we also have a bunch of data coming this, over the next week, particularly on the earning side, but also on the economic front as well. But Tom, I wanted to start off with what's really in the news today and that I don't know if a lot of people kind of understand the ramifications with. I think they'll see the headline of this and they'll say, okay, so what? What's the so what?

And based on your political affiliation, you'll either say it's good or it's bad. And that is the headline that the U.S. opted and joined with the Japanese to buy large amounts of yen on Friday and really boosting the price of yen relative to the U.S. dollar.

So obviously, if you're in favor of this, you say, well, this is a great investment. You're buying the yen when it's down and we're going to make a lot of money on this. That's the high level view there. And if you're against it, you say, I can't believe we're using U.S. taxpayer money to bail out foreign countries who are friendly with Trump. So that's that's what people say on the surface. But I really think it's worth exploring why we did this and what actually happened.

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

Read the full transcript

The candid version is on a podcast,
not the earnings call.

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

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.