The top finance officials from Japan and the United States reaffirmed the principle of market control of foreign exchange rates on Wednesday, but they made no mention of any specific currency level targets.
It was the second meeting between Finance Minister Katsunobu Kato and U.S. Treasury Secretary Scott Bessent since the U.S. imposed a series of tariffs on its trading partners in March. The two were attending the Group of Seven finance ministers and central bank governors meetings in Banff, Alberta, Canada, on Wednesday.
Kato and Bessent reaffirmed their shared belief that the market should determine exchange rates, and that the dollar-yen rate reflects economic fundamentals, according to a statement from the U.S. Treasury Department.
