USD/JPY trades mid-range after the US Treasury and Japan’s Finance Ministry reaffirmed that exchange rates should be market determined. The rare joint statement, the first since 2022 to mention FX, underscored opposition to competitive devaluations, BBH FX analysts report.

Pair holds between 146.20–149.00 since August

"USD/JPY is up near the middle of its 146.20-149.00 range that has held since early August. The US Treasury and Japan’s Finance Ministry released a joint statement on macroeconomic and foreign exchange matters."

"The statement reaffirmed that exchange rates 'should be market determined' and not manipulated 'to gain an unfair competitive advantage.' The last joint statement between the US Treasury and Japan’s Finance Ministry was in July 2022, and it made no reference to foreign exchange."