Bessent's promotion of the FIMA Repo Facility is just theatre to boost the effect of his FX intervention - similar to his leaking of the his 'to do list.' FIMA Repo makes no sense for Japan. The open secret is Japan already has hundreds of billions of dollars parked at the Fed's foreign repo pool, basically a checking account for foreign central banks. This can be inferred from public data after the facility was uncapped. Also note private sector repo is abundant, trading at notably lower rates than the FIMA facility offering rate, and would not be publicly disclosed weekly. Of course, Japan has access to standing Fed swap lines too. So it never has to sell Treasuries to get dollars.

Bessent tells CNBC he hopes the Fed has "an open mind" on what inflation looks like after the Iran-related energy increases have reversed Partial transcript: BESSENT:  I think we're going to have a high GDP economy without the traditional inflation seeping in. And as over the past few days, we've read the obituaries on Alan Greenspan. He had the foresight that in the ‘90s, productivity was about 1.5% or leading into the ‘90s, he saw that the office modernization and the internet could be a boom for non-inflationary growth. And he let the economy—I think that there was in early ’97, there was one tap-on-the-brakes rate hike. But other than that, we had the longest sustained growth period in history. And I think there's a very good chance that we could see that again. KERNEN:  But is there at this point still an underlying inflation rate that the Fed needs to be concerned with? Would you expect it rate cuts this year or even next year, given that we're nowhere near 2%? BESSENT:  Again, I'm not going to comment on that. But what I think is that we do need to have an open mind on the price or the inflation impact of the Iran conflict, and let's see what inflation looks like on the other side of this. And then we have an open mind that the A.I. boom could up productivity and be disinflationary, get us back down to target. What I am confident is that Kevin Warsh will do what, will take the best path to satisfy both the inflation mandate and the growth mandate. And look, he came out tough talking about the inflation.

Bessent in Paris: "We call upon all our G-7 and indeed all of our allies and the rest of the world to follow the sanctions regimes so that we can crack down on the illicit finance that is fueling the Iranian war machine and get this money back to the Iranian people."