The yen extended its rally during early New York trading, climbing more than 1% on the day. The move followed remarks from Japan's Finance Minister Satsuki Katayama, who said the market has misunderstood the yen's weakness and that excessive selling of the currency could be corrected.
The yen rose as much as 1.1% to 156.98 per dollar. As Japanese officials voiced support for the currency, the yen outperformed every other G-10 currency this week.
According to Katayama's comments to reporters, she and U.S. Treasury Secretary Bessent reaffirmed during a video call on Friday that the yen's undervaluation is a problem.
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