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The Japanese yen ended a five-day losing streak on Friday, rebounding from the closely watched 160-per-dollar level after Tokyo disclosed that U.S. President Donald Trump had raised concerns about the currency’s weakness during a recent meeting with Japanese Prime Minister Sanae Takaichi.
The yen strengthened about 0.8% to 157.72 per dollar, recovering from its lowest level in nearly a month and posting its first daily gain in six sessions. Despite its strongest performance in more than two weeks, the Japanese currency remained on track for a weekly decline of roughly 0.7%.
Japanese Finance Minister Satsuki Katayama said Trump discussed the yen’s depreciation during his September 22 meeting with Takaichi in New York. Katayama said Takaichi told Trump that an “undervalued yen is problematic,” while Japanese officials continue coordinating with U.S. Treasury Secretary Scott Bessent over excessive currency volatility.
The renewed focus on the yen follows its recent slide toward 38-year lows beyond 161.80 per dollar. Japan and the United States previously conducted a $35 billion joint foreign-exchange intervention on July 31.
Meanwhile, the broader U.S. dollar remained strong, with the dollar index trading near a two-month high and heading for a 0.8% weekly gain. Rising U.S. Treasury yields supported the greenback, with the 30-year yield reaching 5.472% and the 10-year yield hovering near 5.185%.
Strong U.S. economic data also reinforced expectations for another Federal Reserve interest rate increase. Initial jobless claims fell to 197,000, while CME FedWatch data showed markets pricing a 70% probability of a 25-basis-point rate hike in October, compared with 50% a week earlier.
The euro rose about 0.2% to $1.1440 but remained headed for its third consecutive weekly decline, down roughly 0.8%. Investors are awaiting comments from New York Fed President John Williams for additional guidance on U.S. monetary policy.
Sterling traders are also watching Bank of England Governor Andrew Bailey for signals on how policymakers will navigate persistent wage pressures and slowing private-sector momentum.
