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Tokyo, Sept. 25 (Jiji Press)--Japanese Finance Minister Satsuki Katayama said Friday she and U.S. Treasury Secretary Scott Bessent reaffirmed at their online meeting the same day that "the undervaluation of the yen is a problem." Katayama revealed this in talks with reporters after the virtual meeting. "We exchanged views on financial market developments," she also said. "We also reconfi...
Tokyo, Sept. 25 (Jiji Press)--Japanese Finance Minister Satsuki Katayama said Friday that U.S. President Donald Trump expressed concern over the yen's weakening during his meeting with Prime Minister Sanae Takaichi in New York on Tuesday. During the bilateral summit at the U.N. headquarters, Takaichi told Trump that the undervaluation of the yen is a problem in general terms, Katayama said ...
Further intervention by Japan to prop up the yen would offer a good opportunity to sell, according to UBS Asset Management’s Kevin Zhao, who doubts Friday’s central bank rate increase signals a hawkish turn.
The Bank of Japan is facing its toughest call in decades. With the yen sliding, volatility spiking and regional growth fragile, the stakes couldn't be higher. Anthony Stephens has more. (Source: Bloomberg)
Adam Posen, president of the Peterson Institute for International Economics, discusses Treasury Secretary Scott Bessent's challenge to traders to test his resolve on boosting the yen. "It's a bad policy," Posen tells Bloomberg Television. "As Secretary [Robert] Rubin used to say, and everyone up until now used to say: 'A strong dollar is in the US interest.'" (Source: Bloomberg)
US Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting the yen, saying he has insight on what the Bank of Japan is going to do. He spoke at a Southern Methodist University event in Texas. (Source: Bloomberg)
There is room for a "lot of movement" for the yen, according to Trinh Nguyen, senior economist for emerging Asia at Natixis. "The reshoring of not just Japanese investors, the hiking of interest rates, and also on top of that, the fact that JGB yields are very, very attractive and the yen is undervalued," Nguyen explains. "All these factors I think means that this time it really is different." (Source: Bloomberg)
The yen is closing in on its strongest level this year after a break through 155 per dollar triggered stop-loss orders, putting the 152 area firmly in traders’ sights.
The yen strengthened to its highest level since February, rising as much as 1.4% to 154.06 against the dollar in London trading. The gain meant the Japanese currency surpassed the peak reached after coordinated intervention by Japan and the US. Geoff Yu, senior strategist at BNY, says "some deterrence has been established" at 160 per dollar. (Source: Bloomberg)
The yen strengthened to its highest level since February, surpassing the peak reached after coordinated intervention by Japan and the US.
A sharp rise in the yen during New York trading has put traders back on high alert for any evidence that authorities will return to the market following intervention in July.