Developing Story
Yen Currency Diplomacy Under Takaichi
Japanese PM Sanae Takaichi publicly called the yen's weakness "problematic" in remarks to President Trump, triggering a yen rally and highlighting currency diplomacy tensions between Japan and the US.
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The Japanese yen headed for its best day in two weeks after Prime Minister Sanae Takaichi said she told US President Donald Trump that an undervalued Japanese currency was "problematic" (Bloomberg, September 25). This public jawboning by Takaichi marks a notable instance of Japanese currency diplomacy directed partly at the US relationship, in a context of broader global bond market stress and high government borrowing costs (Bloomberg, September 25).
This is likely to be an ongoing story as Takaichi's government navigates exchange rate pressures, US-Japan relations, and potential intervention in currency markets.