Japan and US Reaffirm Importance of Orderly Yen Movements at G20
Japan's Finance Minister Satsuki Katayama met with US Treasury Secretary Scott Bessent at the G20 gathering, reaffirming that orderly currency movements, particularly for the yen, are crucial for global financial market stability. The two officials shared an understanding on the significance of joint foreign exchange intervention.
Katayama confirmed that Japan is investing in strategic areas to boost economic growth and will achieve both a strong economy and sustainable finances. However, specific monetary policy decisions remain up to the Bank of Japan.
When asked about current yen rates, Katayama declined to comment on whether they are orderly or disorderly, saying it's hard to say how specific factors might affect FX moves. The Finance Minister also stated that arbitrary export controls are bad for the economy and must be scrapped.