[U.S. Treasury Secretary Besent Defends Intervention, Says Yen 'Disorder' Could Push Up U.S. Interest Rates] U.S. Treasury Secretary Besent defended his actions last month in supporting the yen, stating that any extreme fluctuations in the yen could transmit to the U.S. and drive up U.S. interest rates. On August 27, Besent responded to an inquiry from Democratic Senator Elizabeth Warren regarding yen operations, saying: 'Japan is a significant holder of U.S. Treasury bonds. If the yen market becomes disordered, it could trigger forced liquidations, disrupt global markets, and ultimately increase borrowing costs for American households and businesses.' Besent released this letter on Friday. He declined to specify how much money the U.S. used in the late-July intervention but stated that the action utilized 'existing foreign currency assets in the Exchange Stabilization Fund to purchase yen.' Earlier this month, he hinted that the U.S. Treasury had used euros. Also on Friday, Japan announced that it had spent a record $96.4 billion over the past month to support the yen. (Cailian Press)