Mimura Warns Markets: Heed 'Very Clear' Yen Warning from Tokyo-Washington Alliance
Japan's top currency diplomat Atsushi Mimura urged markets to take heed of 'very clear' warnings on the yen, following a joint statement from Tokyo and Washington. The US President Donald Trump expressed concerns about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi.
Mimura emphasized that markets should take last week's message at face value, signaling Japan's resolve to act against excessive falls in the currency. He declined to comment on whether Japan could intervene again to prop up the yen but expressed concern about its recent moves.
The yen spiked against the dollar after Mimura's remarks, breaking through the 157 line to trade around 156.75. A weak yen has become a source of concern for Japanese policymakers by pushing up the cost of imports, including fuel prices that have spiked due to the Middle East war.