Yen-buying and dollar-selling accelerated in the market ahead of talks between the Japanese and U.S. finance ministers, with the yen briefly reaching the ¥156 range. As concerns about intervention intensify, market attention is focused on developments ahead.
In the New York foreign exchange market on the morning of Saturday the 25th, yen-buying and dollar-selling accelerated as concerns about coordinated intervention intensified following talks between the Japanese and U.S. finance ministers, with the yen briefly reaching the ¥156 range. As of 9:40 a.m., the exchange rate was ¥157.00-157.10, representing a sharp ¥1.82 rise in the yen and fall in the dollar from 5 p.m. the previous day.
Finance Minister Katayama Satsuki (片山さつき) said she held online talks with U.S. Treasury Secretary Bessent and exchanged views on financial market developments. She said they had reaffirmed that the yen's undervaluation was a problem, prompting wider concerns that the Japanese and U.S. monetary authorities could again intervene jointly to buy yen.
Amid the speculation, the yen briefly surged to around ¥156.98 per dollar before the market settled somewhat and traded in the low ¥157 range. Attention will focus on developments in intervention and the market's response in subsequent reports.