US-Japan Finance Chiefs Discuss Yen Depreciation for Fourth Time This Month

The Japanese and US finance chiefs have had their fourth discussion this month regarding yen depreciation. According to Kyodo, the talks are ongoing, with no concrete action taken yet.

Japanese Finance Minister Katayama emphasized that excessive yen selling may be corrected, but markets are misunderstanding the weak yen as a sign of economic weakness.

Katayama also stated that Japan's defense spending at 2% of GDP is 'not enough' and that their defense policy is not determined by US pressure.