Trump raised yen weakness with Takaichi at New York summit, Japan says
Japan's finance minister says Prime Minister Takaichi told Trump an undervalued yen is problematic
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Japan's finance minister, Katayama, said Trump raised concerns about the weak yen during a summit with Prime Minister Sanae Takaichi in New York earlier this week, Bloomberg reported. Takaichi responded that an undervalued yen was problematic, according to Reuters.
Katayama said the exchange reaffirmed the shared position behind the two countries' coordinated intervention on July 31, including a commitment to counter excessive volatility and disorderly moves in the currency, Reuters reported. She said she and US Treasury Secretary Scott Bessent would keep communicating closely on foreign exchange and other matters.
The yen briefly strengthened in overseas trading on Friday after Japanese authorities conducted rate checks, a step often taken before intervention, Reuters reported. The currency had touched its strongest level against the dollar since September this week as Japanese yields rose.
Katayama disclosed the details of the leaders' talks only after consulting the Prime Minister's Office, an unusually detailed account of such discussions, Reuters reported. The remark reflects diplomatic engagement on currency issues rather than a shift in policy: it sits apart from the separate, higher-stakes talks under way with China and Iran, and without specifics on what action Trump expects or Japan plans to take, it signals attention to the yen rather than any near-term change of course.