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Katayama said Tokyo would continue operating under its existing understanding with Washington regardless of the election outcome, maintaining a common commitment to orderly foreign exchange markets while each government pursues its own economic objectives.

“We issued a joint statement together, and we will act in line with that,” she told a regular news conference. “If there are disorderly moves or excessive speculative movements, we will take action.”

Her comments came as investors assessed the implications of Tuesday’s American elections for the dollar, US government bond yields and the yen. The vote will determine control of the House of Representatives and Senate, potentially altering President Donald Trump’s legislative prospects.

Katayama stressed that Japan’s engagement with the US Treasury was continuing and that a change in congressional control would not automatically alter the officials responsible for currency discussions. Treasury Secretary Scott Bessent is her American counterpart.

“We have been in constant talks with them and will continue to do so,” she said, emphasising the importance of preventing disruptive movements rather than defending any particular exchange rate.

The yen traded around 157.8 against the dollar on Monday, remaining under pressure as traders weighed the possibility of renewed official efforts to support the currency. Katayama declined to judge whether the prevailing exchange rate was appropriate or to identify a threshold that might trigger official action.

She said market conditions had improved compared with the period when the Japanese currency weakened beyond 160 per dollar. Nevertheless, the government remained concerned about excessive volatility and transactions driven by speculation.

“I believe there is absolutely no wavering on either side in seeking to prevent excessive volatility, speculative moves and disorderly market developments, while pursuing our respective policy objectives,” Katayama said.

The distinction between exchange rate levels and the speed of currency movements is important for Japan’s intervention policy. Officials have repeatedly avoided committing themselves to a fixed dollar-yen rate, leaving room to respond when trading conditions threaten broader financial stability.

Monday’s remarks did not constitute an announcement of fresh intervention. They instead reiterated that the authorities retain the option of action and intend to consult Washington when necessary to preserve confidence in the functioning of international currency markets. Neither government disclosed a new operation or a revised bilateral arrangement on Monday.

Japan and the United States carried out coordinated yen-buying intervention on 31 July after persistent currency weakness raised concerns about market instability. Subsequent discussions between Katayama and Bessent reaffirmed their intention to discourage disorderly trading and maintain communication between their financial authorities.

At a meeting in North Carolina in August, the two finance chiefs agreed to continue cooperating on orderly currency movements. Katayama subsequently repeated that the policy stance established following their joint market action had not changed.

That understanding provides the immediate context for her latest assurances. It does not mean that every fluctuation in the yen will prompt intervention, or that the two governments necessarily share identical preferences about the currency’s value.

The approaching US elections add uncertainty because shifts in expectations for American fiscal policy can affect Treasury yields and the dollar. A change in the outlook for government borrowing or spending could influence the interest rate differential that helps shape demand for yen-denominated assets.

Such market responses remain contingent on the election result and subsequent policy decisions. Katayama offered no forecast for the vote or specific projection for the yen, concentrating instead on the established mechanism for communication with Washington.

Japan’s authorities also face domestic concerns surrounding the currency. A weaker yen can increase the local cost of imported fuel, food and other goods, complicating efforts to contain household expenses. Exporters, meanwhile, can benefit when overseas earnings are translated into yen, although the effects differ across businesses.

Prime Minister Sanae Takaichi has acknowledged problems associated with an undervalued yen. Katayama referred to shared concerns expressed by Takaichi and Trump during their September discussions, while making clear that maintaining orderly trading remained the operational priority.

The finance minister also addressed fiscal administration on Monday, saying the government would seek greater precision and transparency in its estimates of tax revenue. Her comments on the budget came separately from the currency assurances.

Founders are pressing ahead with US expansion despite immigration uncertainty, according to new research from Beyond Border. Its Founder Mobility Pulse survey found that 82% have not changed their plans to expand to the US, while an analysis of 1,140 immigration inquiries from Asia offers insights into the region’s role in US market entry.

SINGAPORE & HONG KONG SAR – Media OutReach Newswire – 29 October 2026 – Despite continued uncertainty surrounding US immigration policies, founders remain committed to expanding into the American market, according to new research from US immigration platform Beyond Border.

Beyond Border’s Founder Mobility Pulse survey, conducted in August 2026 among 307 respondents worldwide, found that 82% had not changed their US expansion plans despite immigration uncertainty. A further 11% reported either accelerating their timelines or exploring alternative visa pathways.

The findings form part of Beyond Border’s October 2026 market commentary, which also draws on proprietary analysis of 1,140 US immigration enquiries from Asia-based individuals between August 2025 and September 2026, alongside US government immigration statistics and regional talent mobility data.

The research suggests that while immigration uncertainty is influencing how founders approach US market entry, access to the American market remains an important commercial priority.

“For founders, the question is no longer simply whether to expand into the US, but how to establish the right presence there. We’re seeing businesses pursue access to American customers while keeping key functions in their home markets. Immigration planning needs to be part of that strategy from the outset, rather than something founders address only when they’re ready to relocate,” said Fred Ng, Cofounder & CEO of Beyond Border.

Four Findings on US Expansion and Immigration Trends

Beyond Border’s research highlights four developments shaping US expansion and international talent mobility:

1. Access to US customers remains the biggest expansion driver: Some 85% of survey respondents identified access to US customers as their primary motivation for expansion, compared with 8% citing fundraising and investors. Meanwhile, 60% plan to expand into the US within the next 12 months.

2. Founders are taking a more distributed approach to US expansion: Nearly two-thirds (64%) expect to establish a US presence through the founder alone or alongside a small team. At the same time, 72% intend to retain engineering and product functions in Asia, suggesting that US market entry does not necessarily require relocating entire operations.

3. Immigration uncertainty is not deterring founders’ US expansion plans: Beyond Border’s analysis of 1,140 immigration enquiries from Asia-based individuals found that approximately 45% (510) concerned the O-1 visa. Meanwhile, US government data shows diverging approval trends across immigration pathways. Between FY2022 and FY2024, approved L-1 petitions declined by 31%, while O-1/O-2 approvals increased slightly by 1%. Over a separate period, FY2023 to FY2025, EB-1A approvals increased by 20%, while EB-2 NIW approvals declined by 39%. These figures reflect changes in approval volumes rather than approval rates.

4. Changing talent mobility patterns could create opportunities for Asian economies: Estimates from Xpheno indicate that the number of US-based technology professionals returning to India increased from approximately 7,200 in 2023 to 15,100 in 2025. While these movements cannot be attributed solely to immigration policies, they point to broader shifts in international technology talent mobility.

As founders navigate an evolving immigration environment, Beyond Border’s research highlights the importance of aligning immigration decisions with commercial priorities, market entry strategies and long-term business plans.

For the full market commentary, visit https://lp.beyondborderglobal.com/organic/us-expansion-report-2026

Hashtag: #beyondborder #tech #immigration

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The issuer is solely responsible for the content of this announcement.

Beyond Border

Built by founders for founders and highly skilled professionals, Beyond Border is a trusted, Singapore-founded, tech-enabled U.S. immigration platform. Launched in 2024, the company helps clients pursue U.S. visas and employment-based green cards, with a focus on O-1 visas and EB-1A and EB-2 NIW green-card pathways. Beyond Border supports clients from eligibility assessment through petition preparation, connecting them with vetted specialist immigration attorneys. Beyond Border has supported thousands of founders including from companies backed by Y Combinator, Techstars, Antler and 500 Global, as well as cross-border technology companies including SuperOps and Biorce. Beyond Border has nine offices in the United States, United Kingdom, Singapore, Hong Kong, India, Brazil, Argentina, Colombia, and Nigeria. For more information, visit www.beyondborderglobal.com

The memorandums of understanding, signed in Tokyo on Wednesday during German Chancellor Friedrich Merz’s visit to Japan, cover superconducting materials and equipment for heating and fuelling plasma. Proxima will collaborate with Fujikura on high-temperature superconducting tape and with Kyoto Fusioneering on specialised reactor systems.

The agreements are preliminary arrangements rather than binding purchase orders or commitments to construct manufacturing facilities. Financial terms and delivery schedules have not been disclosed, leaving the scale of any eventual procurement dependent on further negotiations and technical work.

Under the Fujikura agreement, the companies will examine the feasibility of establishing a factory in the German state of Lower Saxony to manufacture high-temperature superconducting tape, known as HTS tape. The material is used to make powerful magnets that confine extremely hot plasma inside fusion machines.

Proxima estimates that its Alpha demonstration stellarator will require approximately 20,000 kilometres of tape. Each subsequent Stellaris commercial power plant would need around 40,000 kilometres, making dependable manufacturing capacity central to its development plans.

The collaboration follows Proxima’s September memorandum of understanding with Lower Saxony concerning a large-scale European production facility. The proposed project’s first two phases envisage investment of approximately €140 million through 2029, with public and private financing expected to contribute equally. The state has identified €21 million as its intended contribution.

The latest Fujikura arrangement concerns feasibility work and does not establish that the proposed factory has secured final financing, regulatory approvals or a construction timetable. Fujikura already manufactures superconducting tape and supplies other fusion developers, giving it industrial experience in a material whose production requires demanding quality controls.

Fujikura announced in September a separate long-term agreement to supply more than 10,000 kilometres of superconducting tape to US-based Commonwealth Fusion Systems for its planned ARC power plants. That contract also involves expansion of the Japanese manufacturer’s production capacity.

Proxima’s second agreement brings Kyoto Fusioneering into work on gyrotrons, devices that generate high-power microwaves to heat plasma, and fuel-cycle technology used to manage the hydrogen isotopes required for fusion reactions. Both systems are essential to operating a reactor beyond the magnetic confinement stage.

Kyoto Fusioneering is also expected to contribute technology to Germany’s national Fusion Hubs programme, which was launched with an initial €125 million in research funding. The collaboration connects a Japanese supplier specialising in fusion engineering with Proxima’s reactor development and Germany’s broader industrial research effort.

The company has experience developing plasma-heating equipment and integrated fuel-handling technologies. Its engineering activities include work on gyrotrons and experimental systems designed to test processes needed for future fusion plants. The agreement with Proxima does not itself constitute a confirmed equipment delivery.

Proxima develops stellarators, a type of fusion device that uses carefully shaped magnetic fields to hold plasma in place. Its approach differs from the tokamak configuration pursued by several other fusion developers, although both depend on advanced magnets and systems capable of sustaining demanding operating conditions.

The company’s Alpha demonstrator is intended to operate in the early 2030s and test whether its stellarator design can achieve net energy gain from fusion. Its Stellaris concept is intended as a subsequent electricity-producing plant at Gundremmingen, the site of a former nuclear power station in Bavaria.

Proxima raised €411 million in July to support its development programme. The company emerged from the Max Planck Institute for Plasma Physics in 2023 and has assembled partnerships with engineering and manufacturing businesses as it moves towards constructing its first major machine.

Neither the Alpha timetable nor the commercial ambitions establish that fusion electricity production has been demonstrated at an economically viable scale. Substantial engineering, testing and regulatory work remains before a commercial plant can supply electricity to the grid.

The company’s manufacturing strategy also reflects the substantial quantities of specialised materials required for stellarator construction. Superconducting tape must meet stringent performance specifications, including its ability to carry large electrical currents while exposed to strong magnetic fields and extremely low temperatures.

Fujikura and Kyoto Fusioneering were already listed among participants in Proxima’s Alpha Alliance, an industrial network bringing together companies with expertise in materials, components and reactor engineering. The new memorandums identify more specific areas for cooperation within that wider group.

By Ashok Nilakantan Ayers WASHINGTON: The final week of America’s 2026 midterm election campaign has become a high-stakes confrontation between President Donald Trump and a Democratic opposition seeking to turn voter dissatisfaction over the economy into control of Congress. Neither Trump nor former president Barack Obama is on the ballot. Yet both are criss-crossing the […]

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