G20 Meeting to Focus on Global Economic Fallout as Japan's Yen Remains Under Pressure

Japan's Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda will attend the upcoming G20 meeting in Asheville, North Carolina. The gathering is expected to focus on the global economic fallout from the Middle East war and US calls for fresh sanctions against Iran.

Katayama said she hopes to contribute to discussions about the global economy at the meeting, while also potentially meeting with US Treasury Secretary Scott Bessent. Bessent had expressed a desire to meet Ueda in Asheville and has been pushing for the BOJ to raise interest rates to arrest yen declines.

The yen has shown some recovery after joint intervention between Japan and the US last month but remains under pressure, currently trading at around 159.60 per dollar. BOJ Deputy Governor Ryozo Himino hinted that a rate hike may be imminent, stating that timely rate hikes are necessary and discussions will take into account underlying inflation approaching 2%.