Treasury Secretary Bessent Says Excess Currency Volatility Undesirable

By Megumi Fujikawa

TOKYO--U.S. Treasury Secretary Scott Bessent on Tuesday echoed Japanese finance authorities' calls for stable currency movements, and reaffirmed close coordination between the two countries.

"We both believe that excess volatility is undesirable, and we have been in close contact with the Ministry of Finance and we will stay in close contact with them," Bessent said after meeting with Japan's Prime Minister Sanae Takaichi in Tokyo.

"I believe the fundamentals of the Japanese economy are strong and resilient, and that will be reflected in the exchange rate," he added.

Bessent earlier met with Finance Minister Satsuki Katayama and discussed financial conditions, including foreign exchange rates.

Katayama said that the two officials confirmed during the meeting that they are acting in accordance with a joint statement issued last year that explicitly mentions the option of currency intervention.

Write to Megumi Fujikawa at [e-mail]

(END) Dow Jones Newswires

05-12-26 0420ET