Japan fin min Kato said had no discussion at all with US of where yen FX level should be
Japan finance minister Kato is couching his comments in terms of "FX' but we all know he is talking about JPY.
- Did not discuss with US FX target, framework to control FX moves
- Discussed with US need for constructive discussion on FX
- No discussion whatsoever with US on where FX levels should be
- Confirmed with US during earlier meeting with Bessent FX moves should be set by markets, excessive FX volatility undesirable
- Japan is not manipulating yen, must explain this thoroughly to US
more to come
USD/JPY surged with the double impact of a recovering USD and a post-BoJ dropping yen:
