Japan's and the US's finance chiefs met in Asheville, North Carolina, the venue for the G20 meeting, and discussed the yen's movements and the effects of the coordinated intervention in July. It was their first in-person discussion since the intervention.
Japan's and the US's finance chiefs met on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina. They reportedly exchanged views on currency trends and the effects of the yen-buying intervention jointly carried out by Japan and the US on 31 July, the first coordinated intervention in 28 years.
In a television interview in the US, Treasury Secretary Scott Bessent said that the Japanese government and the Bank of Japan would take measures leading to a stronger yen, expressing expectations for a Bank of Japan rate hike. He said the yen market had recently been "quite subdued" and also suggested that its movements were not disorderly.
It was reported that Bessent also met with Bank of Japan Governor Ueda (植田) during the day's talks.
This was the first in-person meeting since the coordinated intervention, and the meeting is believed to have reconfirmed the cooperative stance of Japan and the US regarding currency trends.