Japan to vow coordination with US on weak yen in historic battle

By Makiko Yamazaki and Leika Kihara

TOKYO, Aug 3 (Reuters) - Japan is expected to denote connected Monday that it took associated enactment with the U.S. to halt ‌the yen's descent to 40-year lows and explicit its committedness to uncommon bilateral coordination ‌that it hopes could people a turning constituent for the currency.

Finance Minister Satsuki Katayama volition denote connected Monday greeting ​that Tokyo and Washington acted unneurotic successful the currency marketplace past week to apprehension what they see excessive yen declines, 2 Japanese authorities officials told Reuters implicit the weekend, with 1 saying the cognition was "still ongoing."

Her expected remarks to reporters travel what marketplace sources accidental were rounds of ‌yen purchases by the Japanese and ⁠U.S. authorities, the archetypal associated involution successful 15 years, seeking to enactment the battered currency.

Japan has been struggling to curb a relentless driblet successful ⁠the yen that pushes up import prices and stokes broader inflation, hitting households' wallets and Prime Minister Sanae Takaichi's nationalist support ratings.

Japan whitethorn person sold arsenic overmuch arsenic $58.97 cardinal to bargain yen erstwhile ​it ​intervened successful New York markets connected Thursday, Bank of ​Japan information indicated, followed by different ‌suspected foray into the marketplace connected Friday.

On Friday, the U.S. Treasury told a fig of banks it excessively mightiness intervene successful the yen market, a root told Reuters, portion Treasury Secretary Scott Bessent — who had said the yen "seems precise undervalued" — had a handwritten "To Do" database astatine a furniture gathering that said, "Buy Japanese Yen (JPY) $5-10 bil", a Reuters photograph showed.

In enactment with Bessent's repeated ‌calls for higher Japanese involvement rates, the Bank of ​Japan connected Friday offered its astir explicit awesome to ​date of an aboriginal complaint hike, ​even arsenic it kept monetary argumentation steady.

In a motion of broader argumentation ‌coordination, South Korea stepped successful to bargain ​its won currency connected Thursday.

The ​dollar ended Friday trading astir 157.60 yen, having retreated from adjacent 164 yen, the highest since 1986, which it deed earlier successful the week.

Japan intervened successful April and ​May, buying yen, causing lone ‌a little rebound. The BOJ's June complaint hike to a 31-year precocious of ​1% besides gave the struggling currency small lasting boost.

(Reporting by Makiko Yamazaki and ​Leika Kihara successful Tokyo; Editing by William Mallard)