US DEFENDS YEN SUPPORT TO PROTECT BORROWING COSTS Treasury Secretary Scott Bessent defended US intervention to support the Japanese yen, warning that extreme volatility could raise American borrowing costs. Japan is the largest foreign holder of US Treasuries, making yen instability a risk to financial markets. The operation was the first US intervention to buy yen since 1998. Japan spent a record $96.4 billion supporting its currency, which has since weakened again.(*Walter Bloomberg)