Overview
- The yen jumped as much as 1.8% to roughly ¥155 per dollar on Wednesday in holiday‑thinned trading, setting off fresh talk of official buying.
- Market gauges and Reuters reporting point to suspected yen‑buying of about JPY5–6 trillion, including roughly $35 billion sold late last week to prop up the currency.
- Japan’s top currency diplomat Atsushi Mimura said the IMF’s free‑floating label does not cap how often Tokyo can step in, and he said officials are watching moves with urgency.
- Banks including MUFG warned any gains may fade because high U.S. bond yields, expensive oil and the Iran conflict keep pressure on the yen.
- U.S. Treasury Secretary Scott Bessent is due in Tokyo next week for meetings where yen weakness is set to be discussed, a step that could shape how far Japan goes and whether Washington lends support.