US Sees Japan's Currency Intervention as Crucial for Regional Stability

Treasury Secretary Scott Bessent has stated that the US sees Japan's currency intervention as crucial for economic stability in Asia. He believes a stable yen is essential for the entire region, citing the Asian financial crisis of the late 1990s as a result of an 'overly weak yen'. Bessent emphasized that if the yen were to weaken substantially, other currencies would follow.

Japan's immigration agency has proposed stricter requirements for permanent residency, including maintaining income above the average Japanese household and projected pension benefits. This move aligns with Prime Minister Sanae Takaichi's vision of creating an 'orderly society' where Japanese and foreign nationals coexist while cracking down on illegal activities.

In other news, Toyota has raised its net profit forecast for the current business year due to a weaker yen and robust demand for hybrid vehicles. The company still expects a 15.5% decline in net profit from the previous year, largely attributed to Middle East tensions.