Katayama Satsuki, Japanese Minister of Finance  / We will take action against excessive movements, including speculative ones. I have free rein.

The Bank of Japan announced it would raise interest rates on December 19. However, the yen weakened against the US dollar, temporarily reaching the upper 157 yen range.

At a press conference following the Cabinet meeting on December 23,Japanese Minister of Finance Katayama said that she could not believe that the recent yen movement reflected fundamentals.

She emphasized that based on the principles outlined in the joint statement issued by the Japanese and U.S. finance ministers in September 2025, the Japanese government will take action against excessive movements.

Following the remarks, the market saw the yen strengthen temporarily to the upper 155 yen range, driven by concerns over potential government intervention.