Trump Expresses Concern Over Weak Yen in Summit with Japanese PM

US President Donald Trump expressed concern about the yen's weakness during a summit with Japanese Prime Minister Sanae Takaichi, according to Japan's Finance Minister Satsuki Katayama. The discussion took place on Tuesday in New York on the sidelines of the UN General Assembly.

Katayama said that Trump raised his concerns about the yen's weakness, which has been a long-standing issue for Japanese policymakers. Prime Minister Takaichi told him that an undervalued yen is problematic, reaffirming the shared US-Japan stance behind their July 31 coordinated intervention to counter excessive volatility and disorderly moves in the yen.

The dollar has been rallying against the yen and other major currencies due to strong US economic data, a hawkish Federal Reserve, and surging US bond yields. The yen strengthened slightly after Katayama's remarks, rising from 158.60 per dollar to trade at around 158.