The US and Japan coordinated one of the largest rebounds in the yen's multi‑year decline via direct yen purchases, officials phoning banks that trade yen and verbal intervention by BESSENT and Japan's finance minister Satsuki Katayama. The prior yen weakness had amplified Japanese inflation and generated global spillovers. BESSENT, citing his hedge‑fund background and market familiarity, said the yen was excessively weak. Coordination between the two governments is the tightest in decades, raisi

The US and Japan coordinated one of the largest rebounds in the yen's multi‑year decline via direct yen purchases, officials phoning banks that trade yen and verbal intervention by BESSENT and Japan's finance minister Satsuki Katayama. The prior yen weakness had amplified Japanese inflation and generated global spillovers. BESSENT, citing his hedge‑fund background and market familiarity, said the yen was excessively weak. Coordination between the two governments is the tightest in decades, raising the cost of yen short positions and making speculative selling more difficult, according to Michiyoshi Kato, senior adviser for currency and rates clients at Sumitomo Mitsui Trust Bank in Tokyo. If authorities intervene again, USD/JPY could fall below 155.