Trump Warns of 'Problematic' Yen Weakness in Tokyo-Washington Summit
Japan's Finance Minister Satsuki Katayama revealed that US President Donald Trump expressed concern about the yen's weakness during a summit with Japanese Prime Minister Sanae Takaichi. The meeting took place on the sidelines of the UN General Assembly in New York, where Trump is set to meet Chinese President Xi Jinping.
Katayama stated that Trump voiced his concerns about the yen's weakness, which has been driving up energy import costs and fuelling inflationary pressures. Prime Minister Takaichi reportedly told Trump that an undervalued yen is problematic, reaffirming the shared US-Japan stance on currency intervention.
The yen strengthened slightly after Katayama's remarks, rising from 158.60 per dollar to trade at around 158. The Japanese government has been concerned about the yen's weakness, which has led to a coordinated intervention with the US in July to counter excessive volatility and disorderly moves in the currency.