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View all search resultsJapan, US affirm close cooperation on currency moves
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US dollar, Euro, Yen and Pound banknotes are seen in this illustration created on May 4, 2025. (Reuters/Dado Ruvic)
J
apan and the US reaffirmed their close cooperation in dealing with exchange rate moves, including on currency intervention, Japanese Finance Minister Satsuki Katayama told reporters after a meeting in Tokyo with her US counterpart, Scott Bessent, on Tuesday.
Katayama said the two sides discussed market developments and confirmed that Japan was responding to currency moves in line with a joint statement signed with the US last September, which allowed for foreign exchange intervention to combat excessive market volatility.
"We agreed that we are coordinating extremely well on recent market moves, including exchange rates," Katayama told a news conference.
"Given current circumstances, we strongly confirmed anew the need to continue coordinating closely on market moves," she said when asked whether Bessent made any remarks on recent suspected currency intervention by Japan to support the yen.
When asked whether "close coordination" meant Washington could take the initiative in addressing sharp yen falls, Katayama said: "We engaged in discussions on deepening our coordination on various fronts."
Katayama declined to comment when asked if the Bank of Japan's monetary policy was discussed at the meeting.
Japan is suspected to have spent nearly 10 trillion yen (US$63.5 billion) in a recent round of yen-buying intervention to prop up its sagging currency, which is inflicting pain on the economy by pushing up import costs.
Japanese policymakers are wagering an endorsement from Bessent on their foray into the currency market could give their intervention some extra bite and help slow the yen's slide.
Some analysts have also speculated that Bessent might renew his calls for speedier BOJ rate hikes as a way to support the yen.
With the war-induced spike in oil prices heightening price pressures, some BOJ policymakers argued in April that rates may need to rise soon, with one flagging the chance of a June move, a summary of opinions at last month's meeting showed.
Bessent is also expected to meet Japanese Prime Minister Sanae Takaichi during his three-day visit to Tokyo, which runs until Wednesday.
