Tokyo and Washington Unite Against Yen Weakness

Japanese Finance Minister Satsuki Katayama has announced that Tokyo and Washington are coordinating on measures to slow the yen's decline. The currency has reached levels not seen in approximately 40 years, trading around 160-162 per dollar.

Katayama met with US Treasury Secretary Scott Bessent on May 12 to discuss currency coordination following yen intervention measures. Japan has spent roughly $63.5 billion on past interventions, demonstrating its commitment to currency stability.

The yen's weakness has driven Japanese firms towards Bitcoin and other cryptocurrencies as a safe-haven asset. SBI VC Trade reported that over 2 million business accounts were registered in early July, with primary assets being Bitcoin and XRP.