- Japan’s Suzuki: Told Yellen we are concerned about rapid yen weakening recently
Market news
Japan’s Suzuki: Told Yellen we are concerned about rapid yen weakening recently
Following the much-awaited meeting with US Treasury Secretary Janet Yellen on Tuesday, Japanese Finance Minister Shunichi Suzuki said that he told his US counterpart that “we are concerned about rapid yen weakening recently.”
Further comments
Told Yellen we are watching currency market with a sense of urgency.
Told Yellen excess volatility, disorderly moves can hurt economic stability.
Meanwhile, a joint statement released after their meeting showed that the two diplomats agree to 'further strengthen' bilateral ties.
Additional takeaways
Yellen, Suzuki committed to address higher food, energy and commodity prices and growing food insecurity exacerbated by Ukraine war.
US, Japan say Russia’s invasion of Ukraine has raised exchange rate volatility, which can have adverse implications for economic and financial stability.
US, Japan agree to continue consulting on foreign exchange markets, cooperate 'as appropriate' on currency issues, in line with G7, g20 commitments.
US, Japan welcome G7 efforts to continue exploring ways to curb rising energy prices, including feasibility of price caps 'where appropriate'.
US., Japan emphasize need for coordination to ensure fair burden sharing among all creditors for vulnerable middle-income countries, notably Sri Lanka.
US., Japan urge China and all relevant creditors to contribute constructively to debt treatments for low-income countries with debt issues.
Market reaction
USD/JPY is trading near-daily highs of 137.51 following the conclusion of the US-Japan bilateral meeting. The spot has erased early losses and now trades almost unchanged on the day.
USD/JPY is trading near-daily highs of 137.51 following the conclusion of the US-Japan bilateral meeting. The spot has erased early losses and now trades almost unchanged on the day.
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