USD/JPY has dribbled off its session high after verbal intervention remarks.
Japan verbal intervention to support the yen - Fin Min Kato will take actionJapan's Finance Minister Katsunobu Kato reiterated concerns about speculative yen selling as the currency hit 158.40 per dollar. This is not far from 160, a level that triggered intervention six months ago.
Speaking at a press conference, Kato emphasized that the government is alarmed by sharp, one-sided moves in the foreign exchange market, particularly those driven by speculators, and is prepared to take action against excessive volatility.
USD/JPY rose to its strongest since July, supported by higher U.S. Treasury yields. The yen has remained under pressure due to widening U.S.-Japan interest rate differentials, with limited prospects for narrowing in the near term. This pressure is exacerbated by uncertainty surrounding U.S. President-elect Donald Trump's tariff policies, which could lead the Federal Reserve to maintain higher interest rates.
USD/JPY up
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