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Japan says the yen remains undervalued, vows close US contact

USD/JPY closed just above 157.00, and Japan has spent a record ¥15.4 trillion on yen buying since July 30.

Reported · Written up by our desk · Central Banks

Japanese Finance Minister Katayama said the yen is generally undervalued, adding that her office will stay in close contact with the US Treasury to help maintain orderly currency markets, according to FXStreet.

Katayama also said she and US Treasury Secretary Bessent agreed on a September 25 call to strengthen cooperation, and Japan will keep coordination with Washington as officials discuss the currency, FXStreet reported.

FXStreet said USD/JPY closed just above 157.00, within Monday's range, after Japan began its last round of yen buying on July 30 when the yen was near its weakest level in about four decades.

The article added that Japan's Ministry of Finance spent a record ¥15.4 trillion on that intervention, and that the yen is now about six yen lower than where the buying started; it noted the Bank of Japan raised its policy rate to 1.25% on September 18, its highest in 31 years, while the Fed's range is 3.75% to 4.00%.

Latest closeUSD/JPY 157.34 ▼0.1%

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