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Japan and the U.S. are prepared to conduct further joint currency interventions if needed, according to a senior Japanese official. The announcement follows recent yen volatility and signals a commitment to market stability.
President Donald Trump said the US would gain economically from Japan's intervention to buy yen, as the currency saw sharp swings. Analysts note such moves could help US exports by weakening the dollar against the yen.
US Treasury Secretary Scott Bessent said coordinated currency actions between the US and Japan have helped address disorderly yen fluctuations. The remarks signal continued monetary policy coordination between the two largest economies to limit spillover risks.
Japan's Finance Minister has refused to comment on possible currency intervention amid significant yen volatility, sparking speculation among investors and analysts. The silence from the official is being closely watched by the foreign exchange market for signals on future monetary policy direction.
The U.S. dollar rebounded to the upper 160 yen range in Tokyo trading, following a dramatic near-5-yen plunge overnight in New York that raised speculation of Japanese intervention. The sharp move underscored ongoing market jitters over yen weakness and potential official action.
The US dollar maintained its strength above 161 yen in Tokyo trading on Friday, with the market largely ignoring a warning from Japan's Finance Minister about potential intervention against speculative yen weakness.
Japanese authorities are expected to continue intervening in currency markets to slow the yen's decline, following fresh support from the US Treasury Secretary. The yen has fallen to multi-decade lows against the dollar, pressuring Japan's economy. Analysts note a shift in US policy, as Washington no longer strongly objects to Japan's interventions.
US Treasury Secretary Scott Bessent said excessive volatility in foreign exchange markets is undesirable, warning it could disrupt trade and investment flows. The remarks come amid sharp currency swings and a strong US dollar, raising concerns about global economic stability.
U.S. Treasury Secretary Scott Bessent said on May 2 that excessive foreign exchange market volatility is 'undesirable' and he would maintain close contact with Japan's Ministry of Finance. The statement comes amid significant global financial market fluctuations, especially involving the yen-dollar exchange rate.
