Japan Finance Minister Katayama Reaffirms US-Japan FX Pact and Readiness to Curb Disorderly Yen Moves

Japanese Finance Minister Satsuki Katayama confirmed on November 2 that a standing joint currency agreement between Japan and the United States remains in force, and that authorities on both sides are prepared to act if foreign exchange market movements become disorderly. She stressed that maintaining stable currency markets is a key priority, and that excessive volatility must be avoided, while declining to comment on specific exchange rate levels.

Katayama's remarks reinforce a posture Japan has maintained throughout 2026, including a joint intervention with Washington in July to support the yen and subsequent warnings to speculators. The reaffirmation of the bilateral pact with U.S. Treasury Secretary Scott Bessent signals continued coordination, with Japanese officials reserving the right to take bold action if speculative or volatile moves resurface in the yen market.