Yen Hits 9-Month Low... Japanese Finance Minister Warns of "Rapid Movements"

by Oh Suyon

Published 18 Nov.2025 14:10(KST)

The yen-dollar exchange rate fluctuated in the 155-yen range at one point on November 18. The value of the yen against the dollar fell to its lowest level in nine months since February.

According to the Nihon Keizai Shimbun (Nikkei) and other sources, the yen-dollar exchange rate stood at the low 155-yen range during the morning trading session at the Tokyo foreign exchange market. An increase in the yen-dollar exchange rate indicates a depreciation of the yen.

Yonhap News Agency

Around 1:30 p.m. that day, the yen-dollar exchange rate had edged down slightly, trading at approximately 154.92 yen per dollar.

Japanese Finance Minister Katsuyama Satsuki stated at a press conference following a Cabinet meeting that day, "We are concerned because we are seeing very one-sided and rapid movements in the recent depreciation of the yen," adding, "We are closely monitoring excessive volatility and disorderly movements in the foreign exchange market, including speculative trends, with a heightened sense of vigilance."

Previously, on November 12, Finance Minister Katsuyama had remarked, "While the impact of the exchange rate on the economy has both positive and negative aspects, I do not deny that the negative aspects have become more prominent." His comments on November 18 are being interpreted as a more direct verbal intervention.

Recently, the euro has climbed to the 180-yen range per euro, marking its highest level since the euro was introduced in 1999.

The yen has been on a downward trend amid expectations that the administration of Prime Minister Takaiichi Sanae, a supporter of 'Abenomics,' will pursue expansionary fiscal and accommodative monetary policies. In particular, reports that the Takaiichi Cabinet is preparing an economic package worth about 17 trillion won have heightened concerns over fiscal deterioration, which has recently fueled renewed yen weakness and rising interest rates.

On the Tokyo bond market that day, the yield on the 10-year government bond, a benchmark for long-term interest rates, rose to as high as 1.75%. This is the highest level in approximately 17 and a half years, since June 2008.