Japan’s Finance Minister Says FX Moves Not Based On Fundamentals

Japan’s Finance Minister Satsuki Katayama said it is “clear” that volatile yen swings aren’t “moving based on fundamentals,” in the latest expression of the government’s frustration over the currency.

Katayama, who commented during a Fuji TV program on Sunday in Japan, said she won’t comment on specific yen levels. She has previously said on various occasions that it’s important for the yen to move stably reflecting fundamentals.

The issuance of Japanese government bonds is being managed and credit default swaps and ratings remain unchanged, Katayama said.

Katayama added she doesn’t think a snap election will take place and that there are other priorities such as the debate over taxes and the fiscal 2026 budget.

The yen has weakened about 6% against the dollar in the past three months, the most in a basket of major currencies tracked by Bloomberg.