Bessent Questions Japan's Economic Policy in May: Report
New York, Sept. 1 (Jiji Press)--U.S. Treasury Secretary Scott Bessent spent over two hours talking about his frustration with economic policies under the administration of Japanese Prime Minister Sanae Takaichi, during a dinner in May with his Japanese counterpart in Tokyo, The New York Times has reported. At the event with Japanese Finance Minister Satsuki Katayama on May 11, Bessent quest...
In a conversation held in May, U.S. Treasury Secretary Scott Bessent expressed his dissatisfaction with Japan's economic policies during a dinner with Japanese Prime Minister Sanae Takaichi and Finance Minister Satsuki Katayama, The New York Times reported. Bessent specifically questioned the rationale behind certain economic advisers advocating for a weaker yen, citing the adverse effects on inflation and the U.S. export market. The secretary had separate discussions with Katayama and Takaichi the following day.
Bessent's concerns about the yen's depreciation were echoed during a subsequent press conference held after a G20 finance ministers and central bank chiefs meeting in Asheville, North Carolina. He urged Japan to cease its expansive monetary policy, which aimed to combat deflation. Bessent argued that the Bank of Japan should gain more autonomy, and suggested raising interest rates as a potential solution.
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