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Japan’s Finance Minister Kato Katsunobu held talks with US Treasury Secretary Scott Bessent in Washington on Thursday. Kato told reporters that Bessent did not raise the issue of currency levels, targets or any framework for managing exchange rates.
The meeting came after Kato and Bessent attended a meeting of G20 finance ministers earlier in the day.
Kato said that he and Bessent reaffirmed their understanding that exchange rates should be determined by the market.
They also agreed excessive volatility or disorderly movements can have adverse effects on economic and financial stability.
He added the two agreed to continue close consultations on currency matters.
Trump has repeatedly criticized Japan’s foreign exchange policy. He said on Wednesday that it is “unfair” that China’s currency, the yuan, is so low and that Japan “would always fight” to keep the yen low.
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