Japan FinMin Katayama: Won't comment on forex levels

Japanese Finance Minister Satsuki Katayama reiterated on Tuesday that the government maintains a stance of readiness to take appropriate action in foreign exchange markets as needed, without specifying any particular exchange rate levels. “As for foreign exchange, we continue to maintain our stance that we stand ready to take appropriate action at any time, as needed,” Katayama said, echoing previous statements.

The remarks come amid ongoing yen weakness, with the currency hovering near the psychologically significant 160-per-dollar level. Katayama emphasized the government’s vigilance against excessive volatility, particularly in light of recent market turbulence and heightened oil price swings.

Japan has already conducted record ¥11.73 trillion in interventions ($73.5 billion) in foreign exchange interventions between late April and late May to support the yen. The government has also maintained close communication with U.S. officials on exchange rate developments, as outlined in a joint statement from last year.

While Katayama did not confirm recent intervention, she warned against speculative and one-sided currency moves, reiterating the government’s commitment to market stability. The Ministry of Finance is expected to release a detailed breakdown of foreign reserves next week, which may shed further light on the scale and funding of recent interventions.