Japan and the US reaffirmed joint intervention policies as Tokyo reportedly spent $63.5 billion to stabilize the yen amid volatility.
Japan and the United States reaffirmed close cooperation on currency market intervention after Tokyo reportedly spent $63.5 billion to support the yen. Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent confirmed alignment with a September joint statement permitting intervention to curb excessive volatility.
The yen-buying operations, suspected to total nearly 10 trillion yen, follow heightened speculation about Bank of Japan policy shifts. Some BOJ members signaled potential rate hikes as early as June, though Katayama declined to confirm monetary policy discussions during the meeting.
Bessent’s three-day visit to Tokyo includes additional meetings with Japanese officials, underscoring ongoing bilateral economic coordination.