U.S. Treasury Secretary Scott Bessent met with Bank of Japan Governor Kazuo Ueda during the G20 finance ministers’ and central bank governors’ meeting in Asheville, North Carolina, on Sunday. In the meeting, Bessent called on the BOJ to implement sound monetary policy that would control inflation expectations and prevent excessive yen volatility. He expressed strong support for Japan’s efforts to address the yen’s undervaluation and noted that the weak yen has contributed to domestic inflationary pressures by raising import prices.
Bessent stressed that proper formulation and clear communication of monetary policy are essential to anchor inflation expectations and avoid excess exchange‑rate volatility. The Treasury statement said these comments strengthen market expectations that the BOJ will raise borrowing costs at its upcoming policy meeting scheduled for September 17‑18.
The article also noted that a weak yen has increased import prices, broadened inflation, and raised the cost of living for Japanese households. BOJ Governor Kazuo Ueda and Japanese Finance Minister Satsuki Katayama attended the two‑day G20 finance leaders meeting, which concluded on Tuesday.
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