Secretary of the Treasury Scott Bessent met with Bank of Japan Governor Kazuo Ueda on the margins of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina, on August 30 to discuss monetary policy coordination between the two countries.
Bessent underscored the importance of close U.S.-Japan coordination on shared macroeconomic priorities, emphasizing the role of sound monetary policy formulation and communication in anchoring inflation expectations and avoiding excess exchange rate volatility.
The secretary expressed strong support for Japan's recent market and monetary steps to address the substantial undervaluation of the yen, noting the role of yen weakness in contributing to domestic inflationary pressures in Japan.