Benson: Not worried about the sell-off of U.S. Treasury bonds.

U.S. Treasury Secretary Scott Benett said he is not worried about U.S. government bonds being sold off, attributing the recent spike in yields to the trends in the Japanese bond market. Bond yields move opposite to prices. Benett said during the World Economic Forum in Davos, Switzerland that he has communicated with his Japanese counterparts and received assurances that they will take measures to stabilize the market. Before Benett made these comments, Japanese Prime Minister Takaichi Sanae announced a possible tax cut without specifying the source of funds, sparking concerns in the market about Japan's fiscal expansion, causing Japanese government bond yields to spike to multi-year highs this week. Japanese Finance Minister Katsuyuki Kawai earlier said that the Ministry of Finance has taken necessary measures to ensure market stability and urged the market to remain calm.