Bessent Calls on Japan to Strengthen Yen through Rate Increases

US Treasury Secretary Scott Bessent met with Japanese Finance Minister Satsuki Katayama on Monday to discuss Japan's financial policy and the need for a stronger yen. The two leaders agreed that an orderly movement of the yen is crucial for global market stability, as confirmed by Katayama after attending the Group of 20 finance leaders' gathering.

Katayama stated that Bessent expressed confidence in the Japanese government and central bank taking action to boost the yen. Specifically, Bessent hinted at a strong likelihood of Bank of Japan interest rate increases in September.

The meeting between Bessent and Katayama aimed to reaffirm their commitment to cooperative measures that contribute to the common goal of global market stability. The discussion covered various topics, including Japan's financial policy and the earlier coordinated yen intervention.