Bessent Confronts Japanese Economic Policy Over Weak Yen

U.S. Treasury Secretary Scott Bessent expressed frustration over Japan's economic policies during a dinner meeting in May, according to a report by The New York Times.

The event took place on May 11 with Japanese Finance Minister Satsuki Katayama, and Bessent spent over two hours discussing his concerns.

Bessent reportedly questioned the benefits of a weaker yen preached by some economic advisers around Prime Minister Sanae Takaichi's administration. He argued that the depreciation of the yen has gone too far, exacerbating inflation in Japan and posing problems for the U.S. administration under President Donald Trump.

The secretary believed that raising interest rates by the Bank of Japan would improve the situation, and he pressed Katayama on why the BOJ was not given autonomy to make decisions.