Mitsubishi UFJ Financial Group analyst Lee Hardman said in a report that the prospect of FX intervention is currently slowing the yen’s decline. Japan’s finance minister Katayama said she and US Treasury Secretary Bessent agreed to take bold measures on the exchange rate if necessary, fuelling speculation that coordinated US-Japan intervention could more effectively push USD/JPY lower. BOJ June minutes signalled support for further tightening, but that hawkish tilt has yet to strengthen the yen.

2026-06-24

Mitsubishi UFJ Financial Group analyst Lee Hardman said in a report that the prospect of FX intervention is currently slowing the yen’s decline. Japan’s finance minister Katayama said she and US Treasury Secretary Bessent agreed to take bold measures on the exchange rate if necessary, fuelling speculation that coordinated US-Japan intervention could more effectively push USD/JPY lower. BOJ June minutes signalled support for further tightening, but that hawkish tilt has yet to strengthen the yen.