Japan needs to raise interest rates to get ahead of the curve on inflation, and the United States must lower rates significantly, U.S. Treasury Secretary Scott Bessent said Wednesday.
"They're behind the curve," Bessent told Bloomberg in discussing the Bank of Japan. "So they're going to be hiking, and they need to get their inflation problem under control."
Japan's inflation remains stubbornly high — well above 3% — while the Bank of Japan has kept rates pegged at 0.5% since January.
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