Japan and US Reaffirm Yen Intervention Concerns

Japan and the United States have reaffirmed their concerns about the undervaluation of the yen, according to Finance Minister Satsuki Katayama. In an online meeting on September 25, she and U.S. Treasury Secretary Scott Bessent discussed financial market developments and reconfirmed their commitment to strengthening cooperation.

The two countries conducted a joint currency market intervention in late July, buying yen for the first time in about 28 years, in an effort to correct the weakness of the Japanese currency. Katayama did not rule out further coordinated intervention, stating that 'the undervaluation of the yen is problematic.'