Japan's Finance Minister Poised to Announce US-Japan Collaboration on Weakening Yen as Early as Monday

Deep News08-02

Japan's Finance Minister, Katsuyuki Katayama, is expected to announce as early as Monday that Tokyo and Washington are coordinating their efforts in the foreign exchange market to curb the yen's decline, according to sources familiar with the matter. The details of the announcement are still being finalized, but it could be released as soon as Monday morning, the source said, speaking on condition of anonymity as the information is not yet public.

Earlier reports indicated that Katayama would confirm joint action and reiterate the commitment of both parties to address what they see as excessive yen weakness. According to previous media reports citing an informed source, Japanese authorities intervened in the New York trading session on Friday, buying yen and selling US dollars. At the close of New York trading on Friday, the yen was trading at 157.40 against the US dollar, its strongest level since early May. Just two days earlier, the yen had been hovering near its lowest level since 1986.

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