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Yen strengthens versus dollar near 157 as FX intervention fears rise
USD/JPY slips toward 157.0 as Japan and the US reiterate plans to cooperate on addressing yen weakness.
FXStreet reports the Japanese yen firmed against the US dollar in early Asian trading on Wednesday, with USD/JPY losing momentum toward around 157.00.
The move follows heightened focus on intervention risks after US Treasury Secretary Scott Bessent and Japan's Finance Minister Satsuki Katayama reiterated they intend to strengthen cooperation to address yen weakness, with both officials signaling ongoing close communications to support orderly foreign exchange markets.
Katayama said the undervalued yen is problematic and agreed with Bessent to boost cooperation when asked about phone talks last week, while noting Japan will continue coordination with the US Treasury.
The yen gained even as Japan's domestic data came in weak, with industrial production falling 2.2% year-on-year in August versus 4.0% prior.
Latest closeUSD/JPY 157.34 ▼0.1%