Story perspectives

Japan, U.S. Talk Yen as Currency Near 40-Year Low

6/23/2026

Summary

Katayama Discusses Yen

Finance Minister Satsuki Katayama said she spoke by phone with U.S. Treasury Secretary Scott Bessent, reaffirming a joint understanding to act on the yen.
The yen hovered near a four-decade low, trading 161.93 per dollar and around 161.40-161.58 on June 22-23.
Interventions from April 28 to May 27 cost a record ¥11.73 trillion ($72.6 billion).
Bessent said excess FX volatility is undesirable and prefers Japan support the yen with higher rates rather than intervene.

Summary

Katayama Signals Flexibility

The hour-long call was framed as a G7 follow-up that kept Japan’s FX-intervention flexibility intact.
Finance Minister Katayama referenced a pre-existing bilateral pact that allows decisive steps without a fixed trigger, signalling optionality.
The USD/JPY pair remained flat, showing traders treated the remarks as routine rhetoric rather than a firm signal.
A 44 billion defensive operation in late April-early May was recorded as Japan’s largest foreign-exchange intervention.

Summary

Katayama Coordinates

Katayama held an online discussion with Treasury Secretary Scott Bessent, reflecting growing virtual coordination.
She said the call was a routine follow-up to the G7 summit in Evian, not an emergency.
Katayama added Japan and the United States share a firm mutual understanding for decisive action if needed.
She noted the timing—one day after the G7 summit—shows the forum guides Tokyo-Washington coordination while authorities keep markets guessing about yen moves.

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Katayama Discusses Yen

Finance Minister Satsuki Katayama said she spoke by phone with U.S. Treasury Secretary Scott Bessent, reaffirming a joint understanding to act on the yen.
The yen hovered near a four-decade low, trading 161.93 per dollar and around 161.40-161.58 on June 22-23.
Interventions from April 28 to May 27 cost a record ¥11.73 trillion ($72.6 billion).
Bessent said excess FX volatility is undesirable and prefers Japan support the yen with higher rates rather than intervene.

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