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The Japanese yen extended its rally against the U.S. dollar on Monday, climbing nearly 1% as investors increased bets that Japanese authorities could launch another coordinated currency intervention with the United States if excessive volatility returns.
The USD/JPY pair fell 0.8% to 156.32 by 01:38 GMT after touching an intraday low of 155.21. The latest decline follows a more than 3% drop over the previous two trading sessions, fueled by confirmation that Japan and the U.S. conducted their first joint yen-buying intervention since 2011.
Market sentiment received another boost after U.S. Treasury Secretary Scott Bessent said Washington would be willing to join additional coordinated intervention if the yen experiences renewed disorderly movements. U.S. President Donald Trump also voiced support for the action, noting that Japan had requested U.S. assistance following the yen’s steep depreciation and describing the coordinated effort as positive for the global economy.
The Japanese currency had been under sustained pressure for months, recently falling to its weakest level against the dollar in four decades before Japanese authorities stepped into the foreign exchange market.
Support for the yen was also reinforced by the Bank of Japan’s latest policy decision. While the central bank left its benchmark interest rate unchanged at 1% on Friday, it maintained a hawkish stance, signaling that further rate hikes remain possible if inflation continues to develop in line with its projections.
Analysts at MUFG said the coordinated intervention marks a historic move that could continue to squeeze bearish positions against the yen in the near term. However, they cautioned that stronger economic fundamentals and monetary policy shifts will be needed for a lasting decline in USD/JPY.
MUFG expects the Bank of Japan to raise interest rates more aggressively than current market pricing suggests, a key factor supporting its longer-term outlook for a stronger yen and lower USD/JPY levels.
