US and Japan Agree to Address Currency Issues

US Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki pledged this week to further solidify bilateral ties and work together to tackle rising food and energy prices exacerbated by Russia's attack on Ukraine.

The finance leaders agreed the war had increased exchange rate volatility, which was having adverse implications for economic and financial stability in both countries. They promised to cooperate appropriately on currency issues as members of the Group of Seven (G7) and Group of 20 (G20) economies.

Minister Shunichi Suzuki sounded a fresh warning against the renewed yen weakness earlier on Tuesday, after the currency hit a fresh 24-year low beyond 137 yen to the US dollar the previous day.
As part of continuing efforts to find ways to shore up the yen, Secretary Yellen will meet privately with Japanese business leaders to discuss how improved supply chains can help ease inflationary pressures and address trade bottlenecks.

What does this mean for me? 

The sharp weakening of the yen is a cause for concern, not only for Japanese policy makers, but for regional Asian economies, too. The coordination between senior policy figures of two of the world’s largest economies sheds light on how actively policymakers try to protect the value of their currencies. 
As a FOREX trader, you will understand that the yen, although weakened, will not be allowed to devalue any more than necessary. There are active attempts to boost its value, something you should consider as you make plans to trade the currency in the near term.