Japanese Minister of Finance Satsuki Katayama declined to comment if authorities intervened to support the yen last week, after reports said they had entered the market for the first time since 2024.
“As finance minister, at this stage I’m not in a position to comment,” Katayama told reporters in Samarkand, Uzbekistan, yesterday.
“Speculative moves have been continuing for some time,” she said.
Photo: Bloomberg
Katayama spoke for the first time after Japan reportedly intervened in the currency market on Thursday to support the yen.
A Bloomberg analysis of central bank accounts suggested that Japan likely spent about US$34.5 billion on the operation.
The yen strengthened sharply on Thursday after hitting ￥160.72 per US dollar earlier in the day. The currency gained further on Friday.
Thursday’s suspected interventions came after authorities, including Katayama and Japanese Vice Finance Minister for International Affairs Atsushi Mimura, issued strong warnings about foreign exchange action to traders after the yen has weakened against the US dollar over the past few months amid the Iran war and rising oil prices, as well as the gap between US and Japanese interest rates.
Katayama had said Japanese Ministry of Finance officials would monitor the currency market even as much of Japan shuts down for the Golden Week holidays, which runs through Wednesday. It is typically a period when trading volumes are thin.
“Golden Week is still ongoing,” Katayama said when asked about further possible steps by authorities.
Official intervention data through Monday last week, released on Thursday evening, showed that Japan had not entered the foreign exchange market earlier in the month. Policymakers now have about a month until the next release, which would disclose any intervention after that date.
Katayama and Bank of Japan Deputy Governor Ryozo Himino are attending a series of regional conferences, including the Asian Development Bank’s annual meeting in Samarkand.
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