Bessent Warns Japan Against Excessive Yen Volatility

U.S. Treasury Secretary Scott Bessent has urged Bank of Japan Governor Kazuo Ueda to maintain sound monetary policy and prevent excessive yen volatility, according to a statement from the Treasury Department.

The two officials met on Sunday at the G20 finance ministers' and central bank governors' meeting in Asheville, North Carolina, where Bessent expressed strong support for Japan's efforts to address the yen's undervaluation.

Bessent highlighted how the weak currency has contributed to domestic inflationary pressures and stressed the importance of proper formulation and communication of monetary policy to anchor inflation expectations.