The Japanese currency strengthened to the 140-yen level against the dollar in Tokyo on Monday. It’s the first time in about seven months that it’s climbed to that range.
The move comes after US President Trump described “currency manipulation” as a non-tariff trade barrier in a social media post. Japan has repeatedly denied that it has a policy to devalue its currency.
Market players took Trump’s comment as a sign the US will pressure Japan to take steps to reverse the weakening of the yen against the dollar.
The issue is likely to be on the agenda when Japan’s Finance Minister Kato Katsunobu meets Treasury Secretary Scott Bessent in the US later this week.
Investors are buying the yen in anticipation of those talks.
