Japan's Katayama: Conducted coordinated yen-purchasing intervention with US
Japan's Finance Minister Satsuki Katayama said on Monday that Japanese authorities conducted coordinated Yen-buying intervention with the United States (US) on Friday, adding that officials will not hesitate to carry out more foreign exchange (FX) intervention with Washington, Bloomberg reported.
Finance Minister Satsuki Katayama commented on Monday that there would be no hesitation in conducting further Yen-buying intervention with the United States if necessary. Earlier, Katayama confirmed that Japanese authorities had coordinated a Yen-buying intervention with the U.S. on Friday to curb excessive, disorderly Yen movements.
The U.S. Treasury Secretary, Scott Bessent, stated that these moves were successful in stabilizing the Yen, and the Treasury would remain vigilant and maintain close communication with Japanese counterparts. Japan plans to utilize the Federal Reserve's foreign and international repo facility in the future to manage the Yen. The Bank of Japan, responsible for monetary policy in Japan, adopted an ultra-loose monetary policy in 2013 to stimulate the economy and fuel inflation amid a low-inflationary environment. However, policy divergence with other major central banks led to a depreciation of the Yen.
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