Japan’s Katayama held talks with US Treasury’s Bessent on financial markets
FILE PHOTO: FILE PHOTO: Japan’s Finance Minister Satsuki Katayama attends the upper house budget committee session at the parliament in Tokyo, Japan April 7, 2026. REUTERS/Issei Kato/File Photo/File Photo
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TOKYO, June 23 : Japan’s finance minister Satsuki Katayama said on Tuesday she held an online meeting with U.S. Treasury Secretary Scott Bessent a day earlier to discuss global financial markets, as concerns mount over sharp currency swings.
“We discussed the situation surrounding global financial markets, including issues related to developments concerning the Strait of Hormuz and the potential impact of these factors,” Katayama told reporters.
Pressed on whether currency intervention was explicitly addressed, Katayama stopped short of confirming any such talks. However, she underscored that Japan and the United States share firm mutual understanding that decisive action will be taken if necessary.
“That remains completely unchanged,” she said. Against the backdrop of various movements in the global economic environment, we had constructive discussions, and I feel our views are very closely aligned.”
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Katayama clarified that the meeting was not convened urgently, but rather served as a follow-up to discussions from the recent Group of Seven leaders’ summit in Evian, France, which Bessent attended.
The yen briefly weakened to around 161.9 late on Monday, just shy of a two-year low reached last week. A break above 161.96 would take the currency to its weakest level since 1986.
It was trading at 161.58 per dollar in the Asian morning on Tuesday.
Tokyo spent a record 11.7 trillion yen ($72.44 billion) intervening in foreign exchange markets between late April and early May.
The discussion between Katayama and Bessent took place while Japanese financial authorities kept markets guessing about possible currency intervention, with the lack of clear signals suggesting a potential shift in communication tactics.
Katayama on Monday said Tokyo “will respond appropriately to currency moves at any time,” repeating a phrase authorities routinely use regardless of yen levels.
Source: Reuters
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