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Japan’s Katayama pledges action against disorderly moves as joint FX statement with US remains in force
Japanese Finance Minister (FM) Satsuki Katayama stated on Monday that the Joint FX statement agreed with the United States (US) remains in force and that the government will counter disorderly movements.
Selected remarks
Will seek greater precision and transparency in tax revenue estimates.
Joint FX statement agreed with US remains in force; action will be taken against disorderly movements.
Offers no comment on specific FX levels.
According to PM Takaichi, the yen’s undervaluation creates problems.
Keeping FX markets stable is essential.
Present levels are neither favourable nor unfavourable.
Conditions have improved compared with before.
Chaotic fluctuations must be avoided.
USD/JPY trades higher
USD/JPY stands at 157.80 at the time of writing, a gain of 0.14% on the day.
Japanese Yen: Frequently Asked Questions
Japan’s economic performance broadly underpins the value of the Japanese Yen (JPY), which ranks among the world’s most actively traded currencies. More specific influences include the Bank of Japan’s policy, the gap between Japanese and US bond yields and traders’ appetite for risk, alongside other factors.
Currency control forms part of the Bank of Japan’s mandate, making its actions an important influence on the Yen. Direct intervention in currency markets has occurred on occasion, usually with the aim of weakening the Yen. However, political concerns among Japan’s main trading partners discourage the BoJ from intervening frequently. Between 2013 and 2024, its ultra-loose monetary policy drove the Yen lower against its major peers as the policy gap between the Bank of Japan and other leading central banks widened. The gradual withdrawal of that exceptionally loose policy has more recently provided the Yen with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ increasingly diverged from other central banks, most notably the US Federal Reserve. That divergence helped widen the gap between 10-year US and Japanese bond yields, favouring the US Dollar over the Japanese Yen. The gap is now narrowing as a result of the BoJ’s 2024 decision to move gradually away from ultra-loose policy, alongside interest-rate cuts by other major central banks.
During periods of market stress, investors are more inclined to move money into the Japanese Yen because of its perceived reliability and stability. This reflects its widespread reputation as a safe-haven investment. As a result, turbulent conditions are likely to lift the Yen against currencies regarded as riskier investments.
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