The Japanese currency has fallen to its lowest level against the US dollar since the mid-1980s and now a single question looms in the minds of traders: what is the next move by Atsushi Mimura, vice minister of finance for international affairs and the man better known to markets as “Mr Yen”?
On Tuesday, after several weeks of steady decline and a 13.5 per cent fall since the start of 2026, the yen finally dropped through ¥162 versus the dollar — a line where the Japanese authorities have previously stepped in to defend the currency directly.
Verbal interventions by Japan’s finance minister, Satsuki Katayama, no longer have any effect, but with Mr Yen keeping silent in public since early June on the prospect of intervention, some traders believe he is preparing a surprise attack on speculators that could shake up the market.