President Donald Trump raised concern about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi, Japan’s Finance Minister Satsuki Katayama said, offering an unusually detailed account of the leaders’ talks on currencies.
\n\n“At the recent Japan-US summit meeting, President Trump expressed concern about the yen’s weakness,” Katayama said at a regular news conference, adding that she was disclosing the exchange for the first time after consulting with the Prime Minister’s Office.
\n\n“Prime Minister Takaichi told him, as a general principle, that an undervalued yen is problematic,” Katayama said.
\n\nKatayama’s unusually frank account of leaders’ talks, which governments typically keep confidential, points to shared concern in Tokyo and Washington over the yen’s continued slide despite their joint intervention in July.
\n\nTakaichi met Trump in New York on Tuesday on the sidelines of the UN General Assembly. She later told reporters they had a “timely” discussion about China ahead of Trump’s planned summit with Chinese President Xi Jinping.
\n\nKatayama said the leaders’ discussion on foreign exchange reaffirmed the shared US-Japan stance behind their July 31 coordinated intervention, including a commitment to counter excessive volatility and disorderly moves in the yen.
\n\n“In light of this summit meeting, Treasury Secretary (Scott) Bessent…
Original source: https://www.nbcnews.com/business