The yen surged to the ¥155 range in the foreign exchange market. Finance Ministry official Mimura (三村) indicated that he intended to maintain a state of readiness, while expectations spread that the Bank of Japan would accelerate the pace of interest-rate hikes.
The yen surged to around ¥155 to the dollar in the foreign exchange market, strengthening the yen’s upward trend. Finance Ministry official Mimura (三村) indicated that he intended to remain on a state of readiness at this point.
This was not the weakest level for the yen since the yen-buying intervention at the end of July, and the yen was reportedly continuing to strengthen based on its movements to date. Market participants again increased their expectations that the Bank of Japan would accelerate the pace of interest-rate hikes.
It was also reported that yen buying accelerated after US Treasury Secretary Scott Bessent disclosed on social media that he had discussed the normalization of monetary policy in a meeting with the Governor of the Bank of Japan.