Japan’s Finance Minister Shunichi Kato said on Friday that he would seek to meet US reasury Secretary Scott Bessent to discuss foreign exchange. Kato added that excessive FX moves damage the Japanese economy.
Key quotes
Will discuss FX with Bessent in line with points agreed in prior talks.
FX should be determined by market.
Excessive FX moves damage economy.
Convinced that Bessent is a reliable counterpart able to have constructive dialogue, will continue to closely coordinate with him.
Reaffirmed with Bessent in talks on April 24 that excessive Forex volatility has averse impact on economy.
Will continue talks with him based on this understanding.
Will seek to have a meeting with Bessent, discuss FX and other matters.
Market reaction
At the time of writing, the USD/JPY pair is trading 0.06% lower on the day to trade at 145.60.
