After a series of surprising actions this year, Scott Bessent has become the US Treasury Secretary who has interfered most in the financial market in decades; he is betting on his own credit to try to stem the potentially damaging effects of US borrowing costs. There was another surprise on Wednesday. The Ministry of Finance announced that it will at least double the scale of liquidity support repurchase operations for 10-year to 30-year treasury bonds. It is only two weeks until the announcement of the old bond repurchase schedule. Earlier this month, the Ministry of Finance opened the door to the possibility of reducing the issuance of longer-term bonds. On July 31, Bezent led the US to buy yen for the first time in 30 years. This move is seen as reducing Japan's demand to sell US bonds to buy yen. At the beginning of this year, Bezent also initiated a so-called exchange rate inquiry, which surprised even a former Japanese official. “He's definitely an activist,” said Mark Sobel of the research agency OMFIF. He, who worked for the US Treasury, said it was reminiscent of his hedge fund background.

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