US Treasury Secretary Bessent: Coordinated with Japan against excessive volatility in forex

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United States (US) Treasury Secretary Scott Bessent confirmed through a post on X, formerly known as Twitter, that the US and Japan took some actions together against excessive volatility in currency markets.

In my meeting with Minister @satsukikatayama, I was pleased to reaffirm the strong economic partnership between the United States and Japan. The level of communication and coordination between our teams in addressing undesirable, excess volatility in currency markets continues to be constant and robust. I congratulated the Minister on Japan’s strong economic resiliency, and we held positive discussions on the US-Japan investment agreement, our shared efforts on critical minerals, and the United States’ support for Japan as it works to build an investment screening mechanism."

Market reaction

The announcement resulted in a vertical rise in the Japanese Yen (JPY), which pushed USD/JPY lower to near 156.70. However, the pair has recovered a majority of losses and has bounced back to near 157.45, little far from its intraday high of 157.75.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.25%	0.36%	0.11%	0.12%	0.40%	0.26%	0.25%
EUR	-0.25%		0.11%	-0.13%	-0.16%	0.14%	-0.01%	-0.00%
GBP	-0.36%	-0.11%		-0.23%	-0.28%	0.06%	-0.12%	-0.12%
JPY	-0.11%	0.13%	0.23%		-0.02%	0.27%	0.13%	0.11%
CAD	-0.12%	0.16%	0.28%	0.02%		0.29%	0.15%	0.13%
AUD	-0.40%	-0.14%	-0.06%	-0.27%	-0.29%		-0.14%	-0.16%
NZD	-0.26%	0.00%	0.12%	-0.13%	-0.15%	0.14%		-0.02%
CHF	-0.25%	0.00%	0.12%	-0.11%	-0.13%	0.16%	0.02%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).