Japan's and the U.S. finance ministers held a telephone call and reaffirmed their policy of curbing further yen weakness. Following the call, yen buying spread through the market, with the yen temporarily strengthening to the ¥156 range against the dollar.
Finance Minister Katayama Satsuki (片山さつき) and U.S. Treasury Secretary Scott Bessent held a telephone call and exchanged views on trends in financial markets, including foreign exchange. They confirmed their shared view that the yen's undervaluation is a problem and their policy of further strengthening cooperation between the two countries.
After the call, Japan and the United States signaled their intention to curb further yen weakness and dollar strength, reaffirming coordination based on the possibility of coordinated intervention.
In the foreign-exchange market, yen buying and dollar selling spread, and the yen strengthened against the dollar to the upper ¥156 range in the New York market. As of 5 p.m. Japan time, the exchange rate was in the lower ¥158 range, with yen buying accelerating following the reports.
Going forward, the currency market is expected to move depending on the direction of monetary policy in Japan and the United States and statements by officials.