Bank of Japan Governor Ueda Kazuo (植田 和男) indicated at the G20 that discussions on interest rate hikes, including at the next policy meeting, would be conducted thoroughly, and the meeting with U.S. Treasury Secretary Scott Bessent was also described as productive. The Treasury Department reportedly indicated that the yen is undervalued and views yen depreciation as one factor increasing domestic inflationary pressure.
At the G20, Bank of Japan Governor Ueda Kazuo (植田 和男) indicated that discussions would continue on interest rate hikes, including at this month's policy meeting. While refraining from commenting on market movements, he expressed the view that data consistent with the economic outlook was emerging.
The meeting with U.S. Treasury Secretary Scott Bessent was summarized as a “productive discussion,” and no details were made public.
According to the Ministry of Finance, Secretary Bessent indicated that the yen is undervalued and expressed the view that yen depreciation is one factor increasing domestic inflationary pressure.