{"id":439753,"date":"2026-10-09T15:29:32","date_gmt":"2026-10-09T08:29:32","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/usd-jpy-intervention-risks-back-in-focus-as-bessent-katayama-head-to-bangkok-439753\/"},"modified":"2026-10-09T15:29:32","modified_gmt":"2026-10-09T08:29:32","slug":"usd-jpy-intervention-risks-back-in-focus-as-bessent-katayama-head-to-bangkok","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/usd-jpy-intervention-risks-back-in-focus-as-bessent-katayama-head-to-bangkok-439753\/","title":{"rendered":"USD\/JPY intervention risks back in focus as Bessent, Katayama head to Bangkok"},"content":{"rendered":"
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Well, here we go again. Chatter on yen intervention has quiet down for a bit in the past two weeks, but next week will serve as an opportunity for\u00a0Japanese and US officials to put the issue back on the table.<\/p>\n

All eyes will turn to Bangkok\u00a0as US Treasury secretary Bessent and Japan finance minister Katayama will be heading to Thailand for next week’s IMF and G20 meetings. And\u00a0BOJ governor Ueda has also just confirmed his own attendance, adding another familiar face to the mix.<\/p>\n

I’m not saying that we’re about to see another coordinated intervention effort just because everyone happens to be in the same city. But given what’s been happening between Washington and Tokyo in recent months, I certainly wouldn’t dismiss the possibility of more discussions on the yen.<\/p>\n

The two sides have already shown\u00a0that they’re prepared to work together to support the Japanese currency, following the joint intervention effort at the end of July. As a reminder, it was a historic\u00a0$85 billion currency operation to support the plummeting yen after it hit a fresh 40-year low against the dollar with USD\/JPY near 164 at the time.<\/p>\n

And with the currency pair still trading around the 158 mark, the threat of further action hasn’t exactly disappeared. I reckon the question for markets is whether\u00a0we will be getting anything beyond the usual diplomatic language that follows from these kinds of meetings.<\/p>\n

Will Bessent and Katayama use this as a platform to reaffirm their commitment to addressing excessive currency volatility? Or will there be another warning aimed at speculators? Or perhaps we might even get some comments from Ueda about how willing is the BOJ to tighten monetary policy further?<\/p>\n

Now, any of those\u00a0could easily give yen traders something to think about. That is especially the case if USD\/JPY starts pushing higher and draws closer to the 160 level.<\/p>\n

But again, just be mindful that it is not all about the headlines from Bangkok. The broader trend in Treasury yields is still a key driver of trading sentiment and there will be the US CPI report to deal with around the same time as this event next week. The latter in particular is likely to have a big say on where USD\/JPY ends up going next.<\/p>\n

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This article was written by Justin Low at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Well, here we go again. Chatter on yen intervention has quiet down for a bit in the past two weeks, but next week will serve as an opportunity for\u00a0Japanese and US officials…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-439753","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/439753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=439753"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/439753\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=439753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=439753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=439753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}