Japan FinMin Katayama: Specific Monetary Policy Tools Are for BOJ to Decide

Katayama's refusal to discuss specific FX levels or rate checks reinforces the standard division of labour: the MOF retains jurisdiction over intervention, while the BOJ owns the policy tools. The notable signal is the explicit reference to US concern over yen weakness surfacing at the summit, which puts FX coordination on the bilateral agenda rather than treating it as a purely domestic matter. Whether that coordination translates into anything beyond rhetoric—and whether the BOJ's tightening path stays framed as inflation-targeting rather than currency defence—is the open question.