G20 Gathering to Focus on Global Economic Policies as Yen Weakness Persists

Japan's finance minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda will attend next week's G20 gathering in Asheville, North Carolina. The meeting is expected to focus on global economic policies, including the Middle East war, US calls for fresh sanctions against Iran, and global imbalances.

Katayama expressed hope that she could contribute to discussions about the global economy at the meeting, which Ueda will also attend. This could potentially lead to a meeting between Katayama and U.S. Treasury Secretary Scott Bessent on the sidelines of the G20 gathering.

Financial markets are focusing on whether Katayama and Ueda will meet Bessent, after the coordinated Japan-U.S. currency intervention last month to prop up the yen. While the yen is off its 40-year low near 164 per dollar hit in March, it has slipped back towards 160.

Katayama said that the administration's efforts to boost investment and strengthen Japan's growth potential will help enhance the yen's credibility by boosting its competitiveness.