Japan's finance ministry said Monday it had conducted a coordinated yen-buying operation with the U.S. Treasury on Friday, marking a rare joint move by the two allies to stem sharp swings in the Japanese currency.
Tokyo signaled it was prepared to act again if needed, saying it "will not hesitate to conduct further coordinated interventions in the future" and remains in close communication with the U.S. Treasury. Finance Minister Satsuki Katayama also stressed that Japan "remains attentive and in close communication with counterparts at U.S. Treasury."
The Japanese yen had hit 163.73 against the greenback on Thursday last week, and strengthened to 157.57 on Friday. It was trading at 157.70 per dollar on Monday. The yen's weakness has become an increasing concern for Tokyo, with the currency recently falling to its weakest level in roughly four decades against the dollar.
The ministry said the intervention was carried out "in accordance with the 'Joint Statement of the Japanese and U.S. Finance Ministers'" issued in September 2025 and was aimed at addressing "the recent excessive volatility and disorderly movements of the yen." It also announced plans to utilize the Federal Reserve's foreign and international monetary authorities (FIMA) repo facility in the future, which allows approved foreign central banks and monetary authorities to obtain short-term dollars by temporarily exchanging U.S. Treasury securities.
U.S. Treasury Secretary Scott Bessent confirmed the coordinated action in a statement, saying "Friday's coordinated foreign exchange actions countered disorderly yen movements." He added, "Treasury remains attentive and in close communication with our counterparts at MOF and BOJ. We will not hesitate to participate in further joint intervention." Bessent also endorsed Tokyo's broader policy direction, saying the U.S. "strongly support[s] Japan's decisive market and monetary steps to correct the substantial undervaluation of the yen."