2026年2月24日，在《每日新闻》报导首相高市早苗于前一周举行的会议中，曾向日本银行总裁植田和男表达对进一步升息的忧虑后，日圆大幅走弱，显示政治领导层与货币紧缩之间可能存在摩擦。汇价一度下跌1.1%至每美元156.28，之后在伦敦交易时段徘徊于约155.92，使其尽管在2026年2月稍早自民党于众议院大胜后出现选后乐观情绪，仍成为G10同侪中表现最差的货币。
日本银行持有约40兆1330亿日圆的日债，其中约225兆日圆占市场的1.7%，利率为0.75%。
政策背景仍存在争议：上田在会后表示未提出任何具体请求，而高市则公开重申支持为达成可持续的 2% 通膨目标而进行协调；从历史上看，她曾在 2024 年 9 月称升息是「愚蠢」的想法，但日本银行仍在 2025 年 12 月将利率上调至 30 年来最高水准。前瞻定价如今显示，到 2026 年 4 月前升息的机率约为 60%，且到 2026 年 7 月已完全反映 0.25 个百分点的升幅，这表明投资人认为持续的货币疲弱与通膨传导效应足够强，足以把紧缩预期拉前至早于先前夏季基准的时间点。
On February 24, 2026, the yen weakened sharply after Mainichi reported that Prime Minister Sanae Takaichi expressed concern to BOJ Governor Kazuo Ueda about additional rate hikes in a meeting held the prior week, signaling possible friction between political leadership and monetary tightening. The currency fell as much as 1.1% to 156.28 per dollar and later traded near 155.92 in London, making it the worst performer among G10 peers despite recent post-election optimism following the LDP’s lower-house landslide earlier in February 2026.
Markets repriced quickly across assets: Japanese government bond futures rose up to 40 ticks to 133.10, while Nikkei 225 futures in Chicago gained as much as 1.7%, reflecting a mix of lower-rate expectations and risk sentiment. Analysts highlighted a policy-surprise channel, with Rinto Maruyama calling the report a major shock and warning that perceived political pressure to restrain BOJ hikes increases downside yen risk; Yusuke Miyairi added that capping rates near 0.75% would be more dovish than consensus and could still backfire via yen weakness and higher JGB yields.
The policy backdrop remains contested: Ueda said after the meeting that no specific request was made, while Takaichi publicly reiterated support for coordination toward a sustainable 2% inflation target; historically, she had called rate hikes a “stupid” idea in September 2024, yet the BOJ still lifted rates in December 2025 to the highest level in 30 years. Forward pricing now shows about a 60% probability of a hike by April 2026, with a 0.25 percentage point increase fully priced by July 2026, indicating that investors see persistent currency weakness and inflation pass-through as strong enough to pull tightening expectations earlier than the prior summer baseline.