Japan Readies for Another Coordinated Currency Intervention with US

Japan's Finance Minister Satsuki Katayama has reaffirmed that Tokyo is prepared to take joint action with Washington to stabilize currency markets, signaling a readiness for another coordinated intervention if necessary. The principles underpinning the July 31 operation remain in place, according to Katayama.

The Japanese yen has weakened beyond 158 per dollar after the Bank of Japan's rate hike fell short of reassuring investors that more aggressive tightening may be on the way. The yen briefly strengthened after Tokyo conducted rate checks in overseas markets, but the gains proved short-lived.