Exclusive Report - Japan's Chief Foreign Exchange Diplomat Urges Markets to Heed "Very Clear" Warnings About the Yen

Makiko Yamazaki/Takaya Yamaguchi/Leika Kihara

Reuters Tokyo, September 28 - Japan's top currency diplomat, Atsushi Mimura, said on Monday that the market should accurately understand the "very clear" message that Tokyo and Washington issued last week regarding the yen, signaling his determination to take action to curb excessive depreciation of the yen.

Japanese Finance Minister Satsuki Katayama said on Friday that U.S. President Donald Trump expressed concern over the weakness of the yen during his summit with Japanese Prime Minister Sanae Takaichi (link), and provided an unusually detailed explanation of the talks between the two leaders about exchange rates.

"The Japanese Prime Minister, the Finance Minister, and the U.S. side have all sent a very clear message. The market should accurately understand this message," Mimura said in an interview with Reuters regarding the recent depreciation of the yen. "I will closely monitor whether the market continues to accurately understand (this message)."

Although he declined to comment on whether Japan would intervene again to support the yen, Mimura stated that he is neither satisfied nor reassured by the recent trends of the yen—indicating that Tokyo remains vigilant against the risk of further depreciation.

As evidence of the joint determination between Tokyo and Washington to address the weakening yen, Katayama and her U.S. counterpart Scott Bessent reiterated in a phone call on Friday (link) that the underestimation of the yen is a matter of concern.

(To facilitate those whose native language is not English, Reuters has provided an automated translation of its report into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts and provides them solely for readers’ convenience. Reuters assumes no responsibility for any damages or losses arising from the use of automated translation functions.)