Bessent and Katayama discuss strong yen after Trump-Takaichi talks
The yen trades near a session high against the dollar as the two finance officials pledge closer contact on currency markets.
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UpdateFriday, September 25, 2026 at 11:15 AM ET
The published piece said the yen touched its strongest level since September on Thursday; the later filing says the dollar instead touched a nine-week high of 158.98 yen that day.
Katayama has also said Takaichi respects the Bank of Japan's independence but is ready to act on the currency if needed, Kyodo reported. Separately, Japan's 10-year government bond yield rose 8 basis points to 3.055% on Wednesday, its highest since September 1996. On Thursday the dollar rose 0.42% to 158.96 yen, touching 158.98, a nine-week high.
Treasury Secretary Bessent says he held what he called a productive call with Japan's Finance Minister Katayama, in which the two discussed the desirability of a strong yen. Bessent says the two must stay in close communication on currency markets, building on recent conversations between President Trump and Prime Minister Takaichi.
The yen is up 1% against the dollar and trades near a session high of 157.23 per dollar. The dollar is down 0.76% against the yen for the session.
The call follows a string of similar statements. Katayama said earlier Friday that excessive yen selling may be corrected, and he and Bessent had already reaffirmed that yen undervaluation is a matter of concern earlier in the day. Katayama also said Takaichi told Trump directly that an undervalued yen is problematic. On Thursday, Japan's finance minister said Trump had raised yen weakness with Takaichi at their New York summit, and the yen touched its strongest level against the dollar since September as Japanese yields rose.
Bessent and Katayama are largely repeating a concern about the yen that has been stated multiple times in recent weeks. There is no new agreement, policy shift or concrete commitment beyond a pledge to keep talking, which leaves the underlying currency dynamic unchanged. Markets have already priced in that concern.