Japan, U.S. Finance Chiefs Meet on Sidelines of G20 Meeting

Asheville, North Carolina, Aug. 31 (Jiji Press)–Japanese Finance Minister Satsuki Katayama and U.S. Treasury Secretary Scott Bessent met on the sidelines of a meeting of the Group of 20 finance ministers and central bank chiefs in Asheville, North Carolina, informed sources said Monday. It was their first meeting since Japanese and U.S. authorities carried out a coordinated currency market intervention in July. Bessent also held talks with Bank of Japan Governor Kazuo Ueda. Tokyo and Washington conducted a yen-buying intervention in late July to stem the Japanese currency’s rapid decline. Although the yen briefly strengthened against the dollar, it has since weakened to around 160 per dollar. The U.S. government has repeatedly called on the BOJ to swiftly raise the policy interest rate amid concerns that the weak yen and falling bond prices may spur selling of U.S. Treasuries. In a post on X, formerly Twitter, shortly after the joint market intervention, Bessent indicated his willingness to meet with Ueda on the sidelines of the two-day G20 meeting, which began Monday. The Japanese central bank may decide to raise its policy rate at its next policy-setting meeting in September at the earliest, analysts said. END [Copyright The Jiji Press, Ltd.]