Bessent Calls on BOJ to Hike Rates Amidst Yen Weakness

U.S. Treasury Secretary Scott Bessent met with Bank of Japan Governor Kazuo Ueda during the G20 finance ministers' and central bank governors' meeting in Asheville, North Carolina.

Bessent urged the BOJ to take decisive monetary steps to combat yen weakness and avoid excessive volatility through sound policy.

The remarks support a Japanese rate hike this month, as Bessent has recently called for the BOJ to raise interest rates.

The BOJ is expected to lift rates in September due to inflation pressures, which have been exacerbated by a weak yen causing higher import prices and broader inflation.