U.S. Treasury Secretary Bessent held talks with Bank of Japan Governor Ueda, saying that the yen is significantly undervalued. He expressed strong support for Japan's response to correct yen weakness and also discussed the normalization of Japan's monetary policy.
According to details released on 1 September, Treasury Secretary Bessent expressed the view in talks with BOJ Governor Ueda that the yen is significantly undervalued. He said that yen weakness is one factor contributing to increased domestic inflationary pressure and expressed support for measures taken by Japan.
The meeting was held on 30 August, and the Ministry of Finance released details that day in connection with the G20 Finance Ministers and Central Bank Governors Meeting. The secretary described Japan's market intervention and monetary policy adjustments as receiving “strong support” and voiced concern about spillovers to financial conditions in both countries.
Secretary Bessent also disclosed on social media that he had discussed “the normalization of Japan's monetary policy” with Governor Ueda. Against the backdrop of rising long-term interest rates, policy developments in both Japan and the United States are drawing attention.