Ex-BOJ Official Warns Bessent’s ‘Unusual’ Intervention May Hurt BOJ Credibility

The substance here is less about the rate move itself than about the perception of who is steering it. A former BOJ official framing US pressure as a credibility problem cuts at the core of central bank independence, and that matters for how global markets price Japanese policy risk, not just the yen. Katayama's reaction signals the discomfort is being voiced publicly on both sides. The open question is whether the BOJ's next move reads as domestically driven or externally prompted — that distinction is what could keep volatility elevated.