This post was originally published on this site.The unnamed MOF official’s line that the BOJ will guide policy based on the economy “rather than based on what the U.S. tells it to do” is a notably firmer statement than anything Katayama herself offered publicly, and reads as pushing back gently on the framing set by Bessent’s own comments earlier in the day, in which he said he believes Japan will act to strengthen the yen and that markets are pricing in a BOJ hike. Taken together with Katayama’s own refusal to characterise current yen levels, the additional detail that FX...

This post was originally published on this site.This exchange builds directly on Bessent’s own comments from the same G20 gathering, in which he said he believes Japan will act to strengthen the yen and that markets are pricing in a BOJ hike, giving that framing an official Japanese counterpart on record confirming the two sides share an understanding on the significance of joint intervention. The language here is calibrated rather than escalatory, “orderly” moves and “coordinated action” are standard official phrasing that keeps the door open without committing to a specific level or trigger, and Katayama’s repeated refusal to comment...