In a highly unusual move, the US has stepped in to back Japan&#x27;s currency, the yen. Donald Trump calls it a &quot;signal of friendship&quot; but what is Washington hoping to achieve? And what does the move reveal about Japan&#x27;s economy, after years of deflation and ultra-low interest rates? Rahul Tandon and Will Bain assess the intervention with the help of the BBC&#x27;s &quot;yen geek&quot; Mariko Oi.<br>Presenters: Rahul Tandon, Will Bain and Mariko Oi<br>Producer: Gideon Long<br>You can email the team: businessdaily@bbc.co.uk<br>(Picture: A woman walks past a stock market indicator board in Tokyo, Japan, 03 August 2026. Credit: EPA/Shutterstock)

Why does Trump care about the Japanese yen?

Business Daily

Now, it's not often that we get to see the to-do list of one of the most powerful men in global finance. But a couple of days ago, we did. I'm talking about Scott Besson, the US Treasury Secretary. He was in a cabinet meeting on Friday and a photographer snapped a shot of what was on Besson's notepad. On the table in front of him, a handwritten note said, to do by Japanese yen, five to ten billion dollars. And sure enough, the US Treasury did buy yen later that day. It's an unusual event.

So what is going on? Why is the US buying yen? What does Japan get out of it? What does the US get out of it? And for you listening at home, why should you care? Yes, that's today's episode of Power Players from Business Daily. I'm Rahul Tandon here in a studio in the UK. And I'm Will Bain, back with Rahul as always here on the programme. And to help us pick through this story, we're joined by an old friend.

And we don't mean she's old, but we've known her as a friend for a long time. Mariko Oi, you will have heard her many times. She, of course, now is Asia-specific podcast host from Singapore. She was a business reporter for many years. And you have a nickname, don't you, Mariko? Go on, tell everybody what it is. The BBC's Japanese Yen Geek. And I think one producer actually put that on my name title on TV. So that made me really, really happy. Well, you know what?

Why does Trump care about the Japanese yen?

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Why does Trump care about the Japanese yen?

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.