According to CoinMeta, Benteen stated that the disorderly fluctuations in the Japanese yen would lead to an increase in U.S. interest rates. On August 27, he wrote to Democratic Senator Elizabeth Warren to defend her use of the Foreign Exchange Stabilization Fund (esf) last month to intervene in the yen exchange rate. Benteen pointed out that the disorderly fluctuations in the yen market could force Japan, as a major holder of U.S. debt, to liquidate its positions, thereby disrupting global market stability and ultimately raising the borrowing costs for American households and businesses. He refused to disclose the scale of the funds used for the intervention, only confirming the use of existing foreign currency assets (esf) to purchase yen, and hinted at the use of euros as well. Last month, Japan invested a record $96.4 billion to support the yen. Benteen emphasized that the action was legal and compliant, and that the U.S. side did not provide any credit to Japan.