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Japan’s Takaichi reports close contact with US financial authorities over currency market
Close contact with US financial authorities over the currency market is being maintained by the government, Japanese Prime Minister Sanae Takaichi said on Friday. Officials would also seek to maintain an orderly foreign exchange market, she added.
Selected remarks
Won't discuss forex.
In close contact with US financial authorities on currency market.
Will strive to preserve orderly forex market.
Currency rates shaped by multiple factors.
Managing economic and fiscal policy while closely monitoring market trends.
Economy, fiscal policy not designed to influence forex.
USD/JPY trades higher
Trading at 159.90 at the time of writing, USD/JPY is 0.0q% higher 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 an important influence on the Yen. Direct intervention in currency markets has occurred on occasion, usually with the aim of weakening the Yen. Such action remains infrequent, however, owing to political concerns among Japan’s principal trading partners. Between 2013 and 2024, the BoJ’s ultra-loose monetary policy weakened the Yen 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, notably the US Federal Reserve. The resulting widening in the yield gap between 10-year US and Japanese bonds favoured the US Dollar over the Japanese Yen. That differential is now narrowing as the BoJ’s 2024 decision to move away from ultra-loose policy gradually coincides with interest-rate reductions by other major central banks.
When markets come under stress, investors are more inclined to move money into the Japanese Yen, which is widely regarded as a safe-haven investment because of its perceived reliability and stability. As a result, periods of turbulence are likely to lift the Yen against currencies considered riskier investments.
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