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Japan’s government stands ready to take decisive action in FX market, Katayama says
Speaking on Tuesday, Japanese Finance Minister (FM) Satsuki Katayama said that the government stands ready to act decisively in the foreign exchange market. Officials will keep a close watch on market movements with a heightened sense of urgency, including at this very moment, Katayama added.
Katayama sets out readiness to act
The government stands ready to act decisively in the FX market.
Market movements are being watched closely with a heightened sense of urgency, including at this very moment.
Movements in the Yen must reflect fundamentals.
The aim is to maintain market confidence in the Yen and the Takaichi administration’s fiscal approach through clear and consistent communication.
The objective is to retain market confidence in the yen and the Takaichi administration's fiscal policy through transparent and consistent communication.
USD/JPY trades higher
USD/JPY is trading at 157.70 at the time of writing, a gain of 0.12% on the day.
Japanese Yen: key questions answered
Among the world’s most actively traded currencies, the Japanese Yen (JPY) takes its broad direction from Japan’s economic performance. More specific influences include Bank of Japan 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 decisions a key influence on the Yen. On occasion, the BoJ has intervened directly in currency markets, usually to weaken the Yen. Such action remains infrequent, however, owing to political concerns among Japan’s main trading partners. Between 2013 and 2024, the BoJ’s ultra-loose monetary policy weakened the Yen against its principal currency peers as the policy gap between the Bank of Japan and other major central banks widened. The gradual unwinding of that policy has more recently provided the Yen with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ moved increasingly out of step with other central banks, notably the US Federal Reserve. That divergence helped widen the yield gap between 10-year US and Japanese bonds, favouring the US Dollar over the Japanese Yen. The gap is now narrowing following the BoJ’s 2024 decision to move gradually away from ultra-loose policy, alongside interest-rate cuts by other major central banks.
Often regarded as a safe-haven investment, the Japanese Yen tends to attract investors’ money during periods of market stress because of its perceived reliability and stability. When markets become turbulent, the Yen is therefore likely to appreciate against currencies regarded as riskier investments.
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