The developments surrounding the May meeting between Finance Minister Katayama Satsuki (片山さつき) and Bessent, seen as the starting point for coordinated US-Japan intervention, and the subsequent course of the intervention are behind the yen's sharp appreciation.
This article traces the background to the yen's appreciation around the Bank of Japan's late-July monetary policy meeting and the associated coordination between Japan and the United States over intervention, going back to the May meeting between Finance Minister Katayama Satsuki (片山さつき) and US Treasury Secretary Bessent, known as “The Night at Nadaman.” The May meeting is the starting point for discussions surrounding exchanges before and after the US Treasury's intervention and the BOJ's response. Subsequent reports portray Bessent as seeking a BOJ rate hike, while Finance Commissioner Mimura (三村) is described as pressuring the BOJ through intervention in response. Finally, the article indicates that a follow-up will explore Bessent's background and the relationship between Japan and the United States in greater depth.