Japan's and U.S. finance chiefs held an in-person meeting in Asheville, North Carolina. They shared the view that orderly stability in the yen exchange rate is essential to global financial market stability and emphasized coordination between the two countries following the yen-buying intervention in July.
On 31 August, Finance Minister Katayama Satuki (片山さつき) and U.S. Treasury Secretary Scott Bessent met in Asheville while attending the G20 meeting. They confirmed that orderly stability in the yen exchange rate would contribute to global financial market stability and that continued coordination between Japan and the United States would serve their shared objectives.
Sources said a meeting with Bank of Japan Governor Ueda Kazuo (植田和男) was also under discussion, and the talks may have touched on the BOJ's policy as part of future coordination on monetary policy.
In an interview with CNBC, Secretary Bessent was reported to have suggested that the Japanese government and the BOJ would take measures leading to a stronger yen, and to have expressed expectations for a BOJ rate hike. At the same time, he said the yen exchange rate was "quite restrained" and did not consider its movements disorderly.
During the talks, Finance Minister Katayama explained Japan's policy of pursuing both a strong economy and fiscal sustainability.