US Treasury Secretary Bessent: Coordinated with Japan against excessive volatility in forex

Sagar Dua FXStreet

United States (US) Treasury Secretary Scott Bessent confirmed through a post on X, formerly known as Twitter, that the US and Japan took some actions together against excessive volatility in currency markets.

In my meeting with Minister @satsukikatayama, I was pleased to reaffirm the strong economic partnership between the United States and Japan. The level of communication and coordination between our teams in addressing undesirable, excess volatility in currency markets continues to be constant and robust. I congratulated the Minister on Japan’s strong economic resiliency, and we held positive discussions on the US-Japan investment agreement, our shared efforts on critical minerals, and the United States’ support for Japan as it works to build an investment screening mechanism."

Market reaction

The announcement resulted in a vertical rise in the Japanese Yen (JPY), which pushed USD/JPY lower to near 156.70. However, the pair has recovered a majority of losses and has bounced back to near 157.45, little far from its intraday high of 157.75.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.25%	0.36%	0.11%	0.12%	0.40%	0.26%	0.25%
EUR	-0.25%		0.11%	-0.13%	-0.16%	0.14%	-0.01%	-0.00%
GBP	-0.36%	-0.11%		-0.23%	-0.28%	0.06%	-0.12%	-0.12%
JPY	-0.11%	0.13%	0.23%		-0.02%	0.27%	0.13%	0.11%
CAD	-0.12%	0.16%	0.28%	0.02%		0.29%	0.15%	0.13%
AUD	-0.40%	-0.14%	-0.06%	-0.27%	-0.29%		-0.14%	-0.16%
NZD	-0.26%	0.00%	0.12%	-0.13%	-0.15%	0.14%		-0.02%
CHF	-0.25%	0.00%	0.12%	-0.11%	-0.13%	0.16%	0.02%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.