August 1, 2026: US Helps Reverse Yen Losses, Trump Rebukes DOJ Ally Pirro, More
episodePreviously titled “US Helps Reverse Yen Losses, Trump Rebukes DOJ Ally Pirro, More” — renamed by the publisher on Aug 2, 2026
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. The U.S. joined Japan in engineering a rebound in the yen this week with the currency quoted at 157.40 to the dollar, the strongest since early May. Kevin Gordon is head of macro research and strategy at Schwab.
It's not just the yen. I mean, the Asian currencies broadly. I mean, the South Korean one has been also one that has weakened considerably. So, you know, a lot of, I think for Japan, though, it is kind of a little bit of a poster child example of when you have inflation that is running way a bit in a central bank that's been a little bit more hesitant to tighten policy, you know, at a more extreme rate. But, of course, I mean, you know, the set of issues that Japan deals with, everything from demographics to, you know, to debt is a little different than the U.S.,
Schwab's Kevin Gordon on Bloomberg this weekend. The sharp gains were fueled by a combination of direct purchases of the yen, calls by officials to banks that trade the currency, and jawboning from Treasury Secretary Scott Besant and Japan's finance minister. President Trump has faulted Jeanine Pirro, his hand-picked federal prosecutor for Washington, D.C., for dropping a criminal charge against a former Olympian accused of damaging the Lincoln Memorial reflecting pool. Trump posted on social media Saturday afternoon, I don't know what she's thinking. To me, it was a pure case of vandalism. There may have been some contractor difficulty, but the major damage was caused by vandals, unquote. A bipartisan group of governors is launching a task force to find solutions to immigration.
Oklahoma's Kevin Stitt, Maryland's Wes Moore, Utah's Spencer Cox and Delaware's Matt Meyer are leading the effort. and talked to Bloomberg this weekend about it from the National Governors Association summer meeting in Oklahoma City. Maryland Governor Moore says their economies depend on better policy.
Whether it is an economy that is focused on cattle or an economy that's focused on dairy or an economy that's focused on chickens and our crab pickers, like in the case of Maryland, we need for Congress to be able to move on this. But we also know as governors, We don't just like sitting there and having to deal with the consequences of bad policy. We actually want to be part of the solution, and that's why I think this time and this moment is so important.
How did U.S. and Japan actions help reverse recent yen losses?
Maryland Governor Wes Moore on Bloomberg this weekend. President Trump is doubling down on his anti-government weaponization fund. Bloomberg's Monica Ricks has details.
President Trump says he's willing to work with Congress to make a $1.8 billion fund to help his supporters, including January 6th rioters, federal law. Trump's decision to push the fund threatens the confirmation of his nominee for U.S. Attorney General Todd Blanch and revives an unpopular issue for Republicans ahead of midterms. But the president's pushing to get it done, saying on social media today that he wants it immediately back on the table. The fund was created as part of a settlement agreement resolving Trump's lawsuit against the IRS over his leaked tax returns. Monica Ricks, Bloomberg Radio.
FIFA President Gianni Infantino is scrapping a controversial plan to sell a stake of the World Cup to outside investors after facing intense international backlash. Bloomberg senior sports reporter Randall Williams says the plan was likely in the works long before this year's tournament.
I imagine that Gianni and Fentino knew that this World Cup was going to be the most successful yet in large part because the U.S., Canada and Mexico have stadiums set up unlike any other country in the world.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:31
2
How did U.S. and Japan actions help reverse recent yen losses?
2:31–3:42
3
What factors are driving broader Asian currency weakness beyond the yen?
3:42–6:54
4
Why did President Trump criticize Jeanine Pirro over the Lincoln Memorial case?
6:54–7:02
Speakers
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