Finance Minister Satsuki Katayama said on the 24th, regarding dealing with the yen's depreciation, that "the principle from the recent coordinated intervention by the Japanese and U.S. governments is still in effect." She made the remarks to reporters at the Ministry of Finance. On the other hand, she avoided commenting on the exchange rate, which has been moving around 158 yen to the dollar, saying, "As usual, it is not the case that I would make specific comments about levels." The Bank of Japan raised its policy interest rate to 1.25% at its monetary policy meetings on September 17 and 18, but the yen weakened immediately afterward, and according to related sources, the BOJ had proceeded with a "rate check," considered a preparatory stage for currency intervention, on the 18th.
Japan's finance minister says the coordinated intervention principle remains in effect, supporting the yen against the dollar.
Finance Minister reaffirms post-intervention principle and BOJ hiked to 1.25%, signaling tighter policy and higher JGB yields.
