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USD/JPY has dribbled off its session high after verbal intervention remarks.
Japan’s Finance Minister Katsunobu Kato reiterated concerns about speculative yen selling as the currency hit 158.40 per dollar. This is not far from 160, a level that triggered intervention six months ago.
Speaking at a press conference, Kato emphasized that the government is alarmed by sharp, one-sided moves in the foreign exchange market, particularly those driven by speculators, and is prepared to take action against excessive volatility.
USD/JPY rose to its strongest since July, supported by higher U.S. Treasury yields. The yen has remained under pressure due to widening U.S.-Japan interest rate differentials, with limited prospects for narrowing in the near term. This pressure is exacerbated by uncertainty surrounding U.S. President-elect Donald Trump’s tariff policies, which could lead the Federal Reserve to maintain higher interest rates.
USD/JPY update:
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