USD/JPY dodges the currency accord bullet – ING

FXStreetApr 25, 2025 9:32 AM

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On the subject of trade talks, US Treasury Secretary Scott Bessent's discussions with Japan and South Korea seem to be going well, ING's FX analyst Chris Turner notes.

USD/JPY can edge back to the 145 area

"Some kind of deal with South Korea could be reached next week. Japan talks are ongoing. In this space, we have mentioned the risk that trade talks could lead to some new (dollar bearish) currency arrangements consistent with the idea of a Mar-a-lago accord."

"However, Japanese Finance Minister Katsunobu Kato said late yesterday that currency targets were not discussed in meetings with Scott Bessent. USD/JPY has probably fallen quite enough for Washington for the time being and US policymakers prefer some dollar stability and a recovery in equity markets as opposed to another blast of volatility that a new currency accord could unleash."

"This news may be providing a little support to USD/JPY now, which could edge back to the 145 area before it faces some fresh downside risks next week."

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