Yellen About Yen: The Bloomberg Open, Asia Edition

Good morning. Treasury chief comments on the yen’s spikes. Xi starts his European tour. And a famous horserace has an exciting finish.

Janet Yellen acknowledged the yen’s sharp moves last week, but called reported Japanese action “a rumor.” She reiterated that G-7 countries have agreed to let markets set currency values. While officials can smooth volatility, the US “would expect these interventions to be rare and consultation to take place.” The yen strengthened in early Sydney trading.