A senior official from Japan’s Ministry of Finance declined to comment on recent foreign exchange movements on Tuesday, stating that the Bank of Japan (BoJ) is expected to guide monetary policy in alignment with the domestic economy rather than external pressures from the United States.
Key quotes
Declines to comment on recent forex shifts.
Expects BoJ to steer monetary policy aligned with the economy, not influenced by the U.S.
Katayama, Bessent discussed FX intervention during their bilateral meeting, alongside other issues.
Japan’s fiscal policy and the latest joint FX intervention were key topics in the Katayama-Bessent meeting.
Finance Minister Katayama detailed conditions for U.S.-Japan joint intervention and factors behind the decision to G7 counterparts.
No discussions took place regarding U.S. bond repurchases at the bilateral meeting.
Market reaction
At the time of writing, the USD/JPY pair was up 0.03% on the day, trading at 159.80.
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