U.S. Treasury Secretary Scott Bessent met Bank of Japan Governor Kazuo Ueda on the sidelines of the G20 finance leaders' meeting in Asheville, North Carolina, urging sound monetary policy to curb currency volatility. The Treasury Department said Bessent voiced strong support for Japan's steps to address the yen's undervaluation, adding pressure ahead of the BOJ's September 17-18 policy meeting.
U.S. Treasury Secretary Scott Bessent pressed Bank of Japan Governor Kazuo Ueda for sound policy to avoid currency volatility when the two met Sunday on the sidelines of the G20 finance ministers' and central bank governors' meeting in Asheville, North Carolina, the Treasury Department said in a statement Tuesday.
According to the Treasury Department: "sound formulation and communication of monetary policy to anchor inflation expectations". Bessent also voiced strong support for Japan's decisive market and monetary steps to address the substantial undervaluation of the yen, and said yen weakness is contributing to domestic inflation pressures in Japan.
The remarks reinforce Bessent's earlier calls for the BOJ to raise interest rates. They also strengthen the case for Ueda to argue for a hike at the BOJ's policy meeting on September 17-18.
Japanese Finance Minister Satsuki Katayama joined Ueda at the two-day G20 finance leaders meeting, which concluded Tuesday.
Source: Investing.com
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