{"text":[[{"start":9.35,"text":"Japan has confirmed a historic joint intervention with the US to support the struggling yen as the two countries vowed to step into the foreign exchange market again if needed."}],[{"start":19.4,"text":"The finance ministry intervened on Friday in co-ordination with the US Treasury department, Japanese finance minister Satsuki Katayama said on Monday."}],[{"start":30.5,"text":"“This joint action . . . countered excessive volatility and disorderly movements in the Japanese yen in recent months,” she said in a statement. “We will not hesitate to conduct further joint intervention.”"}],[{"start":43,"text":"The intervention was the first time the two countries joined forces to support the Japanese currency via outright purchases in nearly 30 years. "}],[{"start":51.75,"text":"It came after the yen hit its weakest level against the dollar since 1986, with some investors concerned that Prime Minister Sanae Takaichi’s spending plans will put further pressure on the currency."}],[{"start":63.75,"text":"Last week, Takaichi said she would proceed with a two-year cut in sales tax on food and soft drinks. The move is intended to ease cost-of-living pressures but some analysts fear it could strain public finances and rattle markets."}],[{"start":77.6,"text":"Having approached ¥164 in July, the yen strengthened rapidly over the course of multiple sessions, with the Japanese government suspected by analysts of having used close to ¥8.45tn ($52.8bn) on Thursday to support the currency before entering the market again on Friday. "}],[{"start":97,"text":"Following Katayama’s comments on Monday the yen strengthened by more than 1 per cent against the dollar to ¥155.50 before pairing gains, with traders watching closely for signs of further intervention. "}],[{"start":110.55,"text":"Yujiro Goto, chief FX analyst at Nomura in Tokyo, said that Monday’s sharp moves were “most likely” intervention, with authorities trying “to show their commitment” to a stronger yen. “I think that if the yen breaches ¥155 today then maybe intervention pauses, but if yen weakening pressure is strong then intervention could sustain into tomorrow,” he added."}],[{"start":133,"text":"US Treasury secretary Scott Bessent said earlier on social media that “Friday’s co-ordinated foreign exchange actions countered disorderly yen movements” and that his department would “not hesitate to participate in further joint intervention”."}],[{"start":148.45,"text":"Mizuho strategist Masayuki Nakajima said the US rationale for intervention extended beyond currency markets and was likely to reflect a desire to avert upward pressure on US bonds. "}],[{"start":161.79999999999998,"text":"Last week, the Bank of Japan held interest rates at 1 per cent but its governor, Kazuo Ueda, said he would ensure the central bank did not “fall behind the curve” and could speed up rate rises."}],[{"start":173.6,"text":"“Sharp moves in Japanese yields can trigger portfolio rebalancing across global fixed-income markets, including US Treasuries and European government bonds,” Nakajima said. "}],[{"start":184.35,"text":"Bessent’s comments suggested that “US policymakers were paying close attention to the potential spillover effects from Japan into global bond markets”, he added."}],[{"start":193.85,"text":"President Donald Trump said on Sunday night: “We have a good relationship with Japan . . . they have a weakening yen, and they wanted a little bit of help, and we’re always there for Japan. Japan’s been very good to us, with the exception, of course, of Pearl Harbor.”"}],[{"start":208.15,"text":"Asked what the US gained from the move, he added: “Financial benefit. It’s also good for the world economy.”"}],[{"start":223.25,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785723310_5458.mp3"}