Japanese Finance Minister (FM) Satsuki Katayama said Tuesday that he confirmed with US Treasury Secretary Scott Bessent that continued, coordinated action on FX is needed.

Additional quotes

Shared understanding with Bessent on the significance of joint FX intervention.

Can’t comment on FX rates when asked if current Yen rates are in order.

Hard to say how specific factors could affect FX moves, when asked whether recent yen moves were orderly or not.

Confirmed with Bessent that our joint efforts with the US continue to benefit global financial market stability.

Can’t comment on current JGB yield levels.

No change; when asked if there is any change to stance, said that Tokyo is ready to take decisive action against disorderly FX movements.

True that speculative forex moves not reflecting fundamentals have been on the rise.

FX moves ought to be reflecting fundamentals, but many times they do not.

Market reaction

These comments have little to no impact on the Japanese Yen (JPY), as USD/JPY remains in its range around 159.80, as of writing.