Japan Prepared to Act on Yen Without Shaking US Bonds
Finance Minister Satsuki Katayama affirmed that Japan will respond to excessive currency volatility following recent yen-buying efforts. Officials are managing foreign reserves to ensure that any dollar-selling actions do not inadvertently drive up U.S. Treasury yields.
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Japan will intervene against USD/JPY volatility after spending 10 trillion yen ($63 billion) in its latest market foray. The yen fell toward 160 per dollar, surrendering more than half its gains since the April 30 intervention began. Investors are monitoring how Tokyo funds these moves without triggering a counterproductive spike in United States Treasury yields.
