Yen Surges to Lowest Level Since Mid-May Amid Speculation of Market Intervention

Japan's Finance Minister Satsuki Katayama declined to comment on whether authorities had intervened in the currency market following a sudden surge in the yen. The currency unexpectedly rose by nearly 5 yen against the US dollar, hitting its lowest level since mid-May.

In a press conference, Katayama stated that she 'cannot say' whether any intervention took place, but noted that Japan is 'always acting with vigilance.' This comes after speculation arose following comments from US Treasury Secretary Scott Bessent, who said the yen seems undervalued and excessive volatility isn't healthy.

Bessent's remarks have sparked interest in potential market intervention by the Japanese authorities. However, Katayama and Japan's top currency diplomat Atsushi Mimura did not comment on any possible foray into the market.