The U.S. Treasury secretary and the Bank of Japan governor met and stressed that Japan should take decisive measures through its markets and monetary policy to correct yen weakness. The meeting took place under the G20 framework and also touched on market developments, with Japan's long-term interest rate exceeding 3% to reach a 30-year high.
The U.S. Treasury Department announced on 1 September that Treasury Secretary Scott Bessent (ベセント) had met with Bank of Japan Governor Ueda Kazuo (植田和男), expressing strong support for Japan taking decisive measures through its markets and monetary policy to address the yen's significant undervaluation. Bessent stressed the importance of appropriate monetary policy and clear communication to stabilize inflation expectations and avoid excessive exchange-rate volatility.
The meeting between Bessent and Ueda Kazuo (植田和男) was held on 30 August to coincide with the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina. Bessent called for close coordination between Japan and the United States and said that yen weakness was one factor contributing to higher inflationary pressure in Japan. On social media, he also referred to the strength of the Japan-U.S. alliance and policy priorities.
In Japan's markets, the secondary-market yield on the newly issued 10-year Japanese government bond, the benchmark for long-term interest rates, exceeded 3% on 1 September in the Tokyo bond market, reaching a 30-year high. Bessent told reporters that Japan was taking the right measures in this regard.