Japan’s intervention risk remains in focus after Finance Minister Katayama reaffirmed coordination with the U.S. and signaled readiness for decisive action in currency markets. The latest update builds on earlier reports that Katayama Satsuki held June 22 online talks with U.S. Treasury officials and may have exchanged views with Treasury Secretary Bessent as the yen hovered near its weakest level in 39 years. Those contacts came after volatile USD/JPY trading briefly pushed the pair above 161.90, through June’s 161.80 high and close to the July 2024 intraday peak of 161.94, while CFTC data showed net yen short positions at 145,818 contracts. The combination of market coordination with Washington and a stronger intervention signal could help stabilize forex trading conditions, while also making speculative bets against the yen less attractive.