Nominated Mr. Besent as the next Treasury Secretary, how is the financial market reacting? Will it pave the way for a new golden age in the United States?

President Trump-elect stated on the 22nd that, appointing Scott Bessent, founder and CEO of hedge fund Key Square Group, as Treasury Secretary- Mizuho and the 4th largest bank group.

According to the statement, Mr. Bessent, a native of South Carolina, graduated from Yale University, has been involved in investment management for over 35 years, and has diversified businesses in agriculture, publishing, real estate, and more. He is also introduced as part of the most profitable transactions in the history of hedge funds, such as initiating large sell orders for the UK pound.

According to The Wall Street Journal, he joined Soros Fund Management in 1991, pushed the pound to exit the European Exchange Rate Mechanism in 1992, with Mr. Bessent's research on the vulnerability of the UK housing market being the trigger. From 2011 to 2015, he served as Soros' Chief Investment Officer, successfully investing in Japan anticipating a weaker yen and yielding significant profits.

Mr. Besent is one of the most vocal supporters of Mr. Trump in the financial industry, and it has been reported that he will take on an important role in the next administration's economic policy. He advocates for tax cuts, government spending reduction, and deregulation, and also stressed his focus on tariff introductions, inflation control, and maintaining the dollar's status as the world's reserve currency.How will these policy views affect the financial markets?Mr. Trump stated, "Mr. Besent has long been a strong supporter of American First policy. Strengthening America's position as a hub of technological innovation, entrepreneurial spirit, and capital aggregation, he will lead the way to a new golden age."It is a consensus that President Trump-elect is seeking a candidate supported by both Wall Street and a wide range of voters expecting extensive tariff introductions, acceptance of cryptocurrencies, and crackdown on illegal immigration.

Mr. Besent is an important figure who will take on a crucial post in the next administration's economic policy, strongly supporting Mr. Trump's views within the financial industry.

American stocks
According to Mr. Bessent, he stated that carrying out various tax reduction promises of Mr. Trump is a top priority of his policies. Introduced as a temporary measure in 2017.Includes the permanence of 'Trump Tax Cuts,' the abolition of taxes on tips, social security benefits, and overtime pay, among others.Mr. Bessent also advocates for tax reforms and regulatory easing aimed specifically at promoting bank loans and energy production.Mr. Bessent's policies regarding tax cuts, regulatory easing, and foresighted leadership on people's investment capabilities could potentially lead to a backlash in the U.S. stock market during his tenure.In a recent opinion article contributed to The Wall Street Journal, Mr. Bessent indicates that the market surge after Trump's victory reflected investors' expectations for higher growth, lower volatility and inflation, and economic revitalization for all Americans.

US bonds
Mr. Vicent advocates for reducing deficits and emphasizes the need to work on US bonds. He claims that by starting with a deficit reduction program, it is possible to lower consumer prices.He claims that by starting with a deficit reduction program, it is possible to lower consumer prices.He claims that it is possible.

Taking a hint from Mr. Abe, Mr. Vicent recommended to President Trump to promote a policy known as '3-3-3.' This policy aims to reduce the fiscal deficit to 3% of Gross Domestic Product (GDP) by 2028, achieve a 3% GDP growth rate through increased daily oil production of 3 million barrels, and GDP growth through deregulation.

Mr. Vicent has stated the desire to reduce the fiscal deficit to 3% of Gross Domestic Product (GDP), but since 15 years during the Obama administration, there has been no instance of falling below 3%. While it was 3.4% in the fiscal year 2017 of the Trump administration's first term, the deficit ballooned to 15.2% in the 2020 fiscal year due to measures taken against the novel coronavirus.

US dollar
while maintaining the US dollar as a reserve currency.Maintain the US dollar as a reserve currency.It was announced that the US dollar has risen by over 7% against a basket of major trading partner currencies since late September, reaching its highest level in about two years. Mr. said that he supports a readjustment of US currency policy, but has not yet pushed for an explicit weak dollar strategy.

During his first term, Mr. Trump argued that a strong dollar was unfavorable for US manufacturing, and considered government intervention to manage the value of the dollar. Mr. Bessent acknowledges that a weak dollar is beneficial for part of the economy, but also recognizes elements in Mr. Trump's proposal that could push up the value of the dollar.

The expectation is that a strong dollar will somewhat alleviate the inflation caused by President Trump's economic policies, by reducing the cost of imported goods. However, the obstacle a strong dollar poses for exports may make it more difficult to reduce the trade deficit even if Trump's efforts to introduce tariffs proceed.

Virtual currency
Mr. Bessent strongly supports President Trump's backing of the cryptocurrency industry. This will make him the first treasury secretary to openly support cryptocurrency.and become the first Treasury Secretary to openly support cryptocurrency,sending a clear signal that President Trump is serious about establishing the United States as the "cryptocurrency capital of the world."He invests in blockchain startups and decentralized finance (DeFi) initiativesShowing confidence in the long-term potential of the cryptocurrency industry.

Crude oil
Mr. Bessent argues for maintaining the US dollar as the world's reserve currency, with a high possibility of a stronger dollar, on the other hand,There is a possibility that crude oil prices may fall.。