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Markets urged to heed Tokyo and Washington on yen
Japan and the United States issued a clear warning to the markets regarding yen movements, emphasizing their readiness for interventions to defend the currency from excessive decline. This comes as the yen weakens against the dollar, surpassing the 157 level and nearing 156.75. Despite the Bank of Japan raising interest rates to 1.25%, this did not succeed in supporting the yen due to the significant gap with U.S. interest rates, leading to a continuous decline of the yen. The market witnessed a rare joint intervention in July to prevent the yen from falling to a 40-year low. The cooperation between Washington and Tokyo is attributed to deeper relations involving economic security and supply chains, while Japanese caution persists regarding the currency's decline and its impact on imports and inflation.
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