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USD/JPY rises as Japan warns yen weakness is a concern

USD/JPY was trading around 157.4 during Asian hours as Japan and the US said they would maintain close coordination to keep FX markets orderly.

Reported · Written up by our desk · Major Pairs

The USD/JPY pair was up modestly around 157.4 during Asian trading hours on Tuesday, as traders weighed renewed risks around currency intervention, FXStreet reported.

FXStreet said Japan's Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent reaffirmed their intention to strengthen cooperation to address Japanese yen weakness, with Katayama stating she views the yen as undervalued and problematic.

The outlet also cited Katayama saying officials will continue close communications with the US Treasury to help ensure orderly foreign exchange markets, while Japan's top currency diplomat Atsushi Mimura said markets should take Tokyo and Washington's concerns at face value.

FXStreet further noted Mimura's view that Japan cannot address yen weakness while simultaneously dealing with factors he linked to higher oil prices and US yields, and he referenced rising US interest rates as a driver for dollar-yen.

Latest closeUSD/JPY 157.34 ▼0.1%

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