Treasury Secretary Backs Japan's Action on Weak Yen

U.S. Treasury Secretary Scott Bessent expressed support for Japan's efforts to address the undervaluation of the yen, which has been contributing to domestic inflationary pressures in Japan.

In a meeting with Bank of Japan Governor Kazuo Ueda on Sunday in Asheville, North Carolina, Bessent emphasized the importance of sound formulation and communication of monetary policy to anchor inflation expectations and avoid excess exchange rate volatility.

Bessent also noted the role of yen weakness in contributing to domestic inflationary pressures in Japan, while stressing the importance of close coordination between Japan and the United States.