Bessent Likely to Visit Japan Next Week

Washington, May 6 (Jiji Press)–U.S. Treasury Secretary Scott Bessent plans to visit Japan from Monday through May 13 for talks with Japanese officials on foreign exchange rates and economic security, people familiar with the matter said Wednesday. He is likely to meet with Japanese Prime Minister Sanae Takaichi, Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda during the trip. Bessent recently expressed his intention to visit Japan prior to a trip to China by U.S. President Donald Trump for a summit with Chinese President Xi Jinping, set for May 14-15. The U.S. Treasury secretary’s trip comes after Japanese authorities intervened into foreign exchange markets on Thursday, sending the dollar plunging below 156 yen from around 160 yen. The dollar also dropped sharply against the yen earlier this week during Japan’s holiday period, leading to speculation that Japanese authorities intervened again. Bessent and Katayama met in Washington last month, agreeing to maintain their close collaboration based on a September Japan-U.S. joint statement, which said currency market intervention “should be reserved for combatting excess volatility and disorderly movements in exchange rates.” On economic security, Japan and the United States have put together an action plan aimed at ensuring a stable supply of critical minerals, which China dominates and uses as a tool for economic coercion. Bessent traveled to Japan to attend the World Exposition in Osaka in July last year. He also accompanied Trump to Japan for his summit meeting with Takaichi in October. END [Copyright The Jiji Press, Ltd.]