Bessent meets BOJ's Ueda, calls for sound policy to avoid currency volatility, Treasury says
U.S. Treasury Secretary Scott Bessent met with Bank of Japan Governor Kazuo Ueda to advocate for prudent monetary policy and mitigate currency volatility. This follows Bessent's previous calls for the Bank of Japan to increase interest rates. The discussion took place on the sidelines of the G20 finance ministers and central bank governors meeting in Asheville, North Carolina.
Bessent stressed the significance of sound policy formulation and communication to anchor inflation expectations and curb exchange rate volatility. He also highlighted Japan's need to rectify the yen's substantial undervaluation, as this weakness contributes to domestic inflation in the country.
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