Japan, US finance chiefs share concern over 'undervalued yen'
TOKYO (Kyodo) -- Japanese Finance Minister Satsuki Katayama said Friday she held online talks with U.S. Treasury Secretary Scott Bessent, during which
Japanese Finance Minister Satsuki Katayama and U.S. Treasury Secretary Scott Bessent engaged in a virtual dialogue on Friday, voicing mutual apprehension over the yen's undervaluation. Following their conversation, Bessent expressed via social media his support for a resilient yen, reflecting Japan's robust economic fundamentals.
This discussion unfolded days after a meeting between Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump in New York. Katayama acknowledged the potential for market confusion regarding the yen's depreciation, a concern exacerbated by fears of Japan's deteriorating fiscal situation potentially dragging down the yen further.
Both nations reaffirmed their commitment to address the issue and enhance cooperation, including the possibility of further currency market interventions. The dollar experienced a brief dip to the 156 yen range following the news, while the yen traded in the 158 yen bracket early Friday in Tokyo. Katayama stated that the misunderstandings surrounding the currency market have been clarified, which she believed would contribute to stabilizing the yen's decline.
The last joint yen-buying intervention between the two countries took place 15 years ago on July 31, when they coordinated to bolster the yen amid concerns over its excessive devaluation.
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