Trump: U.S. helped curb yen weakness due to good relations with Japan

U.S. President Donald Trump asserted that the United States intervened to curb the yen's weakness, citing the strong relationship between the two nations. Speaking to reporters aboard Air Force One, Trump characterized the U.S. action as "a signal of friendship," adding that Japan "needed some help" with its currency's depreciation.

Trump's remarks followed reports that the Japanese government was preparing to officially announce a joint currency market intervention with the U.S. aimed at strengthening the yen. Earlier, Japanese Finance Minister Satsuki Katayama was expected to announce close cooperation between the U.S. and Japan to curb the yen's decline. Japanese authorities had previously intervened in the New York foreign exchange market by buying yen and selling dollars, leading to a significant rebound in the yen's value from near 164 yen per dollar to 157.40 yen by the New York market close.

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Japan had a weak yen, and they needed some help. And we are always there for Japan.

During a meeting on March 31, a memo held by U.S. Treasury Secretary Scott Bessant was photographed, which included the notation "Things to do: USD 5-10 billion JPY." This detail suggests prior consideration or planning regarding currency intervention related to Japan.

The context of these currency discussions occurs amidst broader geopolitical and economic considerations between the U.S. and Japan. The Trump administration has often emphasized bilateral trade relationships and has previously expressed concerns about currency valuations impacting trade balances.

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It's a signal of friendship.