Why did the yen continue to weaken after Katayama (片山)'s comments even though the US-Japan joint statement on exchange rates remains “valid”?

The story

During Asian hours on Monday, USD/JPY fluctuated but edged higher and is currently trading around 157.80. At the initial stage of the day's trading, the market moved to avoid breaking below 118 yen.

Amid reports of an oral warning in Tokyo, there is speculation that the yen's weakening has continued.

At a glance

Date2 November (Monday), Asian hours

LevelUSD/JPY slightly higher around 157.80

StatementThe US-Japan joint currency statement is still considered to be in effect

RemarksThe yen continued to weaken after remarks by Katayama (片山)

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