US, Japan Reaffirm Coordination on Currency Markets Amid Yen Volatility

The yen has weakened as investors sought dollar assets amid Middle East tensions and expectations of higher U.S. interest rates.

Treasury Secretary Scott Bessent speaks during a press briefing in the Brady Briefing Room at the White House in Washington on April 15, 2026. Brendan Smialowski/AFP via Getty Images

Japan and the United States reaffirmed their cooperation on currency-market developments during meetings in Tokyo on May 12, as renewed volatility in the yen continued to draw attention from investors and policymakers.

Japanese Finance Minister Satsuki Katayama told reporters after meeting U.S. Treasury Secretary Scott Bessent that the two sides discussed exchange-rate movements and agreed to maintain close communication on financial markets.