Japanese Finance Minister Satsuki Katayama is set to announce as early as Monday that Tokyo and Washington are coordinating on steps in the foreign exchange market to curb the yen’s weakness, a person familiar with the situation told Bloomberg.
Satsuki Katayama
The content of the announcement is still being worked on but could happen as early as Monday morning, the person said, declining to be identified as the information isn’t public.
Reuters earlier reported Katayama would confirm the joint action, and reinforce the two sides’ commitment to battle what they deem as excessive declines in the yen.
Japanese authorities bought yen and sold dollars during New York trading on Friday, Bloomberg reported earlier, citing one person with knowledge of the matter. At the close of New York trading on Friday, the yen was quoted at 157.40 to the dollar, the strongest since early May.
Just two days earlier, it was flirting around the weakest levels since 1986.
The sharp gains were fueled by a combination of direct purchases of the yen, calls by officials to banks that trade the currency and jawboning from US Treasury Secretary Scott Bessent an
