Japan keeps joint intervention principles in place as yen weakens past 158

  • Satsuki Katayama said Japan-US intervention principles remain in place for possible future action.
  • 158 per dollar was breached by the yen after the Bank of Japan's rate hike.
  • Japanese authorities conducted overseas rate checks before the yen's brief recovery faded.

Japan's Finance Minister Satsuki Katayama said the principles behind the coordinated Japan-US currency intervention in July remain in place, indicating Tokyo could pursue joint action with Washington again if needed. The yen weakened beyond 158 per dollar after the Bank of Japan's rate hike on Friday lifted borrowing costs to a 31-year high but failed to convince investors that more aggressive tightening was imminent. Japanese authorities also conducted rate checks in overseas markets, a step often viewed as a precursor to currency intervention. The yen strengthened briefly afterward, but those gains quickly faded. Katayama declined to comment on specific foreign-exchange levels.

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