Harold James explains what is really driving the Trump administration's currency- and bond-market interventions.
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Economics
Aug 21, 2026
Harold James
The puzzle of why the Trump administration is so concerned with a falling yen has historical parallels not to the 1930s or the 1980s, but to the 1960s, when US officials feared that a crisis elsewhere could spread to America. With US bond yields spiking, Treasury Secretary Scott Bessent is getting desperate.
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