Japan's finance minister to attend G20, market focus on yen debate

Japanese Finance Minister Satsuki Katayama confirmed her attendance at the upcoming Group of 20 finance leaders meeting in Asheville, North Carolina next week. During a press conference following a cabinet meeting, Katayama expressed her intention to contribute to discussions on the global economy and international finance. Bank of Japan Governor Kazuo Ueda is also anticipated to attend the G20 gathering.

Although the Bank of Japan has not officially disclosed whether Ueda will attend, US Treasury Secretary Scott Bessent had expressed his eagerness to meet with the BOJ chief during the Asheville conference. Market attention is currently centered on a potential meeting between Katayama and Bessent, following their joint currency intervention aimed at supporting the weakening yen.

Although the yen has since retreated from its 40-year low near 164 per dollar, which was reached last month, it has since dropped back to around 160 following a surge to 155.20 immediately after the announcement of the coordinated action. As of Friday, the yen was trading at 155.41 per dollar. "The joint intervention statement was very strong and still holds," Katayama commented when questioned about the persistently weak yen.

She also highlighted the administration's initiatives to stimulate investment and enhance Japan's growth potential, stating that such efforts will bolster the yen's credibility and global competitiveness.