Bessent: Many Asian Currencies Now Track the Yen, Including Won and Yuan

BitcoinWorld Bessent: Many Asian Currencies Now Track the Yen, Including Won and Yuan US Treasury Secretary Scott Bessent said that many Asian currencies, including the Korean won and Chinese yuan, are now tracking the Japanese yen more closely than the US dollar, according to remarks reported on March 12, 2026.

This shift reflects a broader realignment in regional currency dynamics, with potential implications for trade competitiveness and monetary policy across Asia. What Did Bessent Say?

Speaking at a financial forum in Washington, Bessent noted that the yen has become a key reference point for several Asian currencies, a change from the traditional dollar peg or dollar-bloc behavior.

He specifically cited the won and yuan as examples of currencies that now exhibit a higher correlation with the yen.