The Japanese yen extended its gains in New York morning trading, rising more than 1% on the day. According to Sina Finance, Japan's Finance Minister Satsuki Katayama said the market misunderstands yen weakness and that excessive yen selling may be corrected.

The yen at one point rose 1.1% to 156.98 per dollar. It has outperformed all other G-10 currencies this week as Japanese officials made supportive comments on the yen. Katayama also told reporters that she and U.S. Treasury Secretary Scott Bessent reaffirmed during a video call on Friday that undervaluation of the yen is a problem.