Japanese Finance Minister (FM) Satsuki Katayama said on Tuesday that the government is prepared to take decisive steps in the foreign exchange market. Katayama added that officials will closely monitor market moves with heightened urgency, including at this moment. 

Key quotes

The government is prepared to take decisive steps in FX market. 

Closely monitoring market moves with heightened urgency including at this moment. 

Yen must shift to reflect fundamentals. 

Aim to sustain market confidence in Yen, Takaichi administration’s fiscal approach via clear, consistent communication. 

Aims to preserve market confidence in yen, Takaichi administration’s fiscal policy via transparent, consistent communication. 

Market reaction

At the time of writing, the USD/JPY pair is up 0.12% on the day at 157.70.