Japan, US remain aligned on FX policy to foster stable markets, Katayama says

TOKYO, September 8 - Japanese Finance Minister Satsuki Katayama declared on Tuesday that Japan and the United States maintain a unified stance on foreign exchange policy, ensuring the stability of global markets. At a routine press briefing, Katayama affirmed that Tokyo's policy stance has remained constant since the Japan-U.S. coordinated intervention in late July to support the yen.

Despite the yen's recent surge, the finance minister emphasized the ongoing vigilance of Japan towards the market, stating that they will continue to maintain close communication with the U.S. Treasury to prevent any disorderly market movements. During the recent Group of 20 meetings and other occasions, Katayama held discussions with Treasury Secretary Scott Bessent, reinforcing the strong bilateral relationship.

The yen experienced a notable rise to a seven-month peak, influenced by traders reevaluating the currency's prospects, anticipating more aggressive Bank of Japan policy tightening, and increasing apprehensions that Japanese investors might repatriate funds.