U.S. Treasury Secretary Scott Bessent (ベセント) said recent yen exchange-rate movements were not disorderly but fairly contained, while declining to comment on further Bank of Japan rate hikes. He is scheduled to meet Governor Ueda Kazuo (植田和男) on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting and offered his view in light of their long-standing relationship.
U.S. Treasury Secretary Scott Bessent (ベセント) told Reuters in an interview that recent yen exchange-rate movements were not disorderly. Regarding the possibility of further rate hikes as a means of addressing yen weakness, he said he had no intention of giving specific instructions on the Bank of Japan's response.
While addressing questions about the Bank of Japan's consideration of further rate hikes, he said he did not intend to instruct the central bank on what policies it should adopt, and expressed the view that Abenomics' reflationary policy may have come to an end.
Secretary Bessent said he plans to meet Governor Ueda Kazuo (植田和男) on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting, which opens on 31 August in Asheville, North Carolina.
The secretary described Governor Ueda Kazuo (植田和男) as “a great economist I've known for 15 years” and said he holds Ueda's insight into the markets in high regard.