Japan's Chief Cabinet Secretary Kihara says Japan will continue close talks with the US Treasury to support orderly foreign exchange markets

The usual sequence, when the jawboning fails, is escalation through sharper language about excessive or speculative moves, then rate checks, then Ministry of Finance orders executed by the Bank of Japan, with the US Treasury reference significant because unilateral dollar-selling is more effective and more defensible when Washington at least acquiesces. The distinction worth drawing is between comments aimed at the pace of the move and those aimed at the level: 'orderly markets' language has typically signalled discomfort with volatility rather than a defended line. The tells to follow are whether the Finance Minister or the currency diplomat at the MoF adds weight, whether the phrasing hardens toward 'excessive moves', and any sign of rate checks at dealers. As commentary, the signal is directional and its shelf life in past episodes has been short unless backed by action.