Katayama Reiterates Commitment to Yen Stability Amid Market Volatility

Japan's Finance Minister Satsuki Katayama reaffirmed her government's commitment to maintaining stability in the foreign exchange market. Speaking at a news conference, she said that Tokyo views the yen's undervaluation as problematic and is working closely with the U.S. to ensure currency order.

Katayama made these comments after a recent call with U.S. Treasury Secretary Scott Bessent, where they agreed to strengthen cooperation in the currency market. She emphasized the importance of this stance at this time, given current market conditions.

The yen has been volatile over the past few weeks due to expectations of hawkish shifts on both sides and concerns over Prime Minister Sanae Takaichi's expansive fiscal policies. The 10-year Japanese government bond yield stood near a 30-year high at 3.085%.