Japan and US agree to coordinate on yen stabilization
Japanese Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent said continued coordination is essential to ensure orderly yen movements and global financial stability after meeting at the G20 in Asheville. They reaffirmed the significance of a rare joint yen-buying intervention launched on July 31 after the yen fell to a 40-year low near 164 per dollar. Japan spent a record 15.4 trillion yen between late July and August to support the currency; the yen briefly strengthened but later weakened past 160 amid a wide interest-rate gap, and Tokyo signaled readiness to act further.
Japan spent a record 15.4 trillion yen to support the currency.
Context
The yen weakened to a 40-year low near 164 per dollar. Japan and the US conducted a joint intervention and Japan spent 15.4 trillion yen. Officials may take further steps or interventions if the yen moves disorderly.
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