Japan’s top currency official indicates coordinated FX intervention could represent the height of US-Japan monetary collaboration.
Japan’s Vice Finance Minister for International Affairs, Atsushi Mimura, stated that joint currency intervention with the US may mark the peak of bilateral cooperation on foreign exchange. Mimura emphasized ongoing close coordination with the Bank of Japan but declined to comment on discussions or recent remarks by former US President Donald Trump regarding forex intervention.
The comments follow Japan’s recent unilateral and joint efforts to stabilize the yen, which has faced persistent weakness against the US dollar. The Bank of Japan’s ultra-loose monetary policy from 2013 to 2024 contributed to the yen’s depreciation, though direct intervention remains rare due to political sensitivities with trading partners.
The Japanese yen gained ground following the remarks, with USD/JPY falling 1.15% to 155.55. Market participants continue to monitor the BoJ’s policy stance and potential further intervention amid elevated volatility in currency markets.