Japan's Finance Minister Shunichi Suzuki stated that Prime Minister Takaichi Sanae did not specifically emphasize the benefits of a weak yen over the weekend, following her remarks on Sunday that yen weakness would benefit the country's foreign exchange fund special account. Suzuki noted that, overall, a weak yen has negative impacts, such as rising import prices that increase the burden on households and businesses.

She added, however, that there are also positive effects, including increased domestic investment and higher corporate sales, which make it more convenient for exporters to sell abroad. Suzuki said that she and Prime Minister Takaichi Sanae are largely in agreement regarding their views on currency movements.

Japan and the United States have maintained communication on exchange rate issues. Japan will take appropriate measures in response to currency fluctuations based on the Japan-U.S. joint statement on foreign exchange, and will coordinate closely with U.S. authorities when necessary. Suzuki declined to comment further on Japan's monthly intervention data released on Friday.

On Monday, the yen fell as much as 0.5% against the U.S. dollar to 155.51 yen per dollar. The yen has now erased about half of its gains from last week, when market speculation suggested Japanese and U.S. authorities might coordinate to intervene in the currency market. Previously, comments from Japanese Prime Minister Takaichi Sanae that a weaker yen could present significant opportunities for the export sector had cooled speculation that her government was preparing to intervene to support the currency.