Business

Exclusive-Japan top FX diplomat urges markets to heed ‘very clear’ warning on yen

Read a summary of this article on FAST.

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

TOKYO, Sept 28 : Japan’s top currency diplomat Atsushi Mimura said on Monday markets should take at face value the “very clear” message Tokyo and Washington delivered last week on the yen, signalling his resolve to act against excessive falls in the currency.

US President Donald Trump raised concerns about yen weakness at a summit with Japanese Prime Minister Sanae Takaichi, Japan’s Finance Minister Satsuki Katayama said on Friday, offering an unusually detailed account of the leaders’ talks on currencies.

“Japan’s prime minister, finance minister and the US have sent a very clear message. Markets should take that message at face value,” Mimura said in an interview with Reuters on the yen’s recent declines. “I will be watching closely whether markets will continue to take (the message) at face value.”

While he declined to comment on whether Japan could intervene again to prop up the yen, Mimura said he remained neither satisfied nor reassured over the yen’s recent moves – suggesting that Tokyo remained on guard against the risk of renewed declines in the currency.

In a sign of Tokyo and Washington’s shared determination to address the weak yen, Katayama and her US counterpart Scott Bessent reaffirmed that the yen’s undervaluation is a matter of concern in phone talks on Friday.

Source: Reuters

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST