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Japan’s Katayama notes recent rapid, one-sided forex moves
Recent movements in foreign exchange markets were the focus of remarks from Japanese Finance Minister (FM) Satsuki Katayama on Friday, when she said officials were monitoring rapid, one-sided currency shifts. An appropriate response to currency volatility would be forthcoming from the government, Katayama added, alongside engagement with the US Treasury and suitable action.
Selected remarks
To advance utility subsidies for winter, using reserve fund.
Observing one-sided, swift forex shifts recently.
Will engage with US treasury, respond suitably.
US, Japan align on forex policy at summit.
Declines to comment on intervention record.
USD/JPY trades higher
USD/JPY is trading at 157.80 at the time of writing, a gain of 0.14% on the day.
Japanese Yen: Frequently Asked Questions
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 actions particularly important for the Yen. Direct intervention in currency markets has occasionally been used by the BoJ, usually to weaken the currency. Such action remains infrequent, however, because of political concerns among Japan’s principal trading partners. Between 2013 and 2024, the BoJ pursued an ultra-loose monetary policy. As its approach increasingly diverged from that of other major central banks, the Yen weakened against its main peers. The gradual unwinding of that policy has more recently provided the currency with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ increasingly diverged from other central banks, notably the US Federal Reserve. That divergence helped widen the yield gap between 10-year US and Japanese bonds, benefiting the US Dollar relative to 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, together with interest-rate cuts by other major central banks.
Investors often regard the Japanese Yen as a safe haven, making them more inclined to move money into the currency when markets come under stress. Its perceived reliability and stability underpin that appeal. During periods of turbulence, the Yen is therefore likely to appreciate against currencies regarded as riskier investments.
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