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Japan's Katayama says undervalued yen is problematic, agrees with Bessent on cooperation
The yen is the main read-through. Katayama's line that an undervalued yen is problematic, paired with her promise of close US Treasury contact, adds to verbal pressure on USD/JPY (around 157 in recent sessions) after August's joint intervention. Her denial that the government is reflationary and her
Why it matters
USD/JPY (US Dollar / Japanese Yen) · Why linked: Japan's finance minister Katayama directly commented on the undervalued yen and US Treasury cooperation, putting verbal pressure on the pair. Market context: Verbal intervention signaling from Japan's finance minister combined with reported alignment with US Treasury Secretary Bessent tends to weigh on USD/JPY and support JPY appreciation.
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