PRESS CONFERENCE
A New Era of a Weak Yen?
Takehiko Nakao, Former Minister of Finance for Foreign Affairs & Chairman, Center for International Economy & Strategy
Sayuri Shirai, Former Member of the Policy Board of the Bank of Japan & Professor, Faculty of Policy Management, Keio University

15:00-16:30 Wednesday, July 15, 2026
Language: The speech and Q & A will be in English.

The yen has tumbled to lows not seen in more than a generation despite market interventions by Japanese authorities, who spent a record $73 billion in April and May alone. The currency's stubborn weakness appears to have thrown the old assumptions that have governed exchange rates out the window.

Those assumptions go back to the 1985 Plaza Accord, which at the time marked a decisive turning point for Japan's economy and the global currency order. Conceived to address an overvalued U.S. dollar, the agreement thrashed out in New York's Plaza Hotel set off an era of yen strength that helped reshape Japan's economic model, manufacturing base, and financial markets. The accord defined the yen's behavior for 40 years.

To discuss the weakness of the yen, and whether the era of the Plaza Accord is finally over, the FCCJ is pleased to welcome two speakers with extensive experience in monetary policy. Takehiko Nakao is a former vice minister of finance for foreign affairs who is currently chairman of the Center for International Economy and Strategy. A former member of the policy board of the Bank of Japan, Sayuri Shirai is now a professor of policy at Keio University.

The speakers will discuss the limits of Japan's recent foreign exchange intervention, the pressures driving the yen's weakness, and the challenges facing policymakers as the currency hovers near historic lows. Please join us for what will be an insightful look at the future of the yen and Japan's overall economy.

How to attend: 
Please register by emailing front@fccj.or.jp with your name and the name of your media outlet. FCCJ members should also include their membership number. Doors will open 15 minutes before the event.

How to watch online: https://www.youtube.com/c/FCCJchannel/live  

How to ask questions: https://forms.gle/HfEHeqtQUVUYs7e87    

TV crew: Please make a reservation at front@fccj.or.jp. Doors open for TV crews only at 30 minutes before the event. FCCJ will limit live-streaming of FCCJ-hosted press conferences to Club members only. Non-members will no longer be permitted to live-stream these events. However, non-members may still film for reporting purposes and use footage after the press conference.

Professional Activities Committee