US Treasury Secretary Bessent said on Aug. 2 that coordinated US-Japan FX
intervention successfully curbed disorderly yen moves and that the Trump
administration strongly supports Japan’s market and monetary-policy measures
aimed at correcting what it views as substantial yen undervaluation. Bessent
said the US Treasury is monitoring conditions closely and would not hesitate to
join further joint intervention. Japan’s finance minister Katayama on Aug. 3
confirmed the joint intervention and said Tokyo would likewise not hesitate to
act again. Authorities last week intervened by buying yen and selling dollars;
the yen briefly firmed to around JPY156 per USD, a level not reached since early
May.
