Trump Expresses Concern Over Weak Yen in Summit with Takaichi
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.
Katayama revealed this information at a regular news conference, noting that she was sharing it for the first time after consulting with the Prime Minister's Office.
Takaichi met Trump in New York on September 22, discussing China ahead of their planned summit. The leaders' discussion on foreign exchange reaffirmed their shared stance behind the 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 weak yen is driving up energy import costs for Japan, which are already elevated due to the US-Israeli war on Iran.