Japan, US Agree to Continue Coordination on Yen, Katayama Says
Katayama said Japan and the United States will keep coordinating on currency policy as the yen hovers near 160 per dollar.
- On Monday, Finance Minister Satsuki Katayama and Treasury Secretary Scott Bessent met in Asheville, North Carolina, agreeing to continue coordinating on yen exchange rates to ensure global market stability.
- The bilateral talks followed the yen's renewed slide toward 160 per dollar, a level heightening concerns about currency volatility after last month's rare joint intervention failed to provide a sustained floor.
- Katayama told reporters "there's no change to our position" regarding readiness to act if markets become disorderly, emphasizing that coordination with the United States remains continuous and ongoing.
- Treasury Secretary Bessent told Reuters on Sunday that recent currency moves were "pretty well contained," contrasting with Japanese officials' ongoing vigilance regarding potential disorderly exchange rate fluctuations.
- Markets expect The BOJ to raise rates to 1.25% at its September 17-18 meeting, as Bessent's calls for further rate hikes put pressure on BOJ Governor Kazuo Ueda to act.
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Japan, US agree to continue coordination on yen, Katayama says
The U.S. and Japanese finance ministers held a meeting in Asheville to discuss the yen exchange rate, which has recently surged back to the 160 yen level, and countermeasures. The United States is pressuring the Japanese government and banks to continue raising interest rates, while market volatility is increasing in Japan, with government bond yields hitting a 30-year high amid concerns over deteriorating fiscal conditions.
Japan-US talks expected as G20 finance leaders meet
Group of 20 finance ministers and central bank governors are set to gather in the United States on Monday. Expectations are that the Japanese and US finance chiefs will meet on the sidelines to discuss currency rates and other topics.
Following U.S. Treasury Secretary Scott Bessent's earlier public expectation that the Japanese government would take measures to boost the yen, Japanese Finance Minister Satsuki Katayama stated after meeting with Bessent on the 31st that the issue of raising interest rates was not discussed. According to AFP, Bessent and Katayama held a sideline meeting at the G20 finance ministers' meeting recently held in North Carolina. This was the first in…
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