Trump Presses Japan on Yen Depreciation at Leadership Level

US President Donald Trump expressed concerns about the yen's depreciation to Japanese Prime Minister Sanae Takaichi during their recent summit on September 22. This marks a rare instance of exchange rate discussions taking place at the leadership level, rather than just between finance ministers.

The US has been exerting pressure on Japan to address its economic and fiscal management, which may increase in intensity. Japanese Finance Minister Satsuki Katayama stated that Trump mentioned the yen's depreciation had put US trade in a severe situation.

Japan has invested a total of 27.1342 trillion yen in foreign exchange intervention since 2026 to buy yen and sell US dollars, but has not been able to fully reverse the trend of yen depreciation.