Japan and US Vow to Maintain Orderly Yen Movements
Japanese Finance Minister Katayama Satsuki and US Treasury Secretary Scott Bessent met in Asheville, North Carolina on Monday for talks. The meeting took place during a gathering of Group of 20 finance chiefs hosted by the United States.
Katayama confirmed that she and Bessent agree that 'orderly' yen movements are vital for financial-market stability. They jointly intervened in the currency market last month to halt the yen's sharp slide, and their meeting was their first face-to-face encounter since then.
The US Treasury Secretary conveyed to Katayama and Bank of Japan Governor Ueda Kazuo that Japan needs to make clear to the market that it is moving toward higher interest rates and fiscal sustainability. However, Katayama clarified that monetary policy is a matter for the BOJ and was not discussed with Bessent.