US and Japan Finance Ministers Hold Talks: "Cooperation on Exchange Rate Trends"

Scott Bessent, United States Secretary of the Treasury, who is currently visiting Japan, held talks with Japanese Finance Minister Satsuki Katayama on the 12th. The two ministers agreed to cooperate on foreign exchange market trends, including the yen-dollar exchange rate.

According to reports from Nikkei and other sources, Finance Minister Katayama held a press conference after the meeting with Secretary Bessent, confirming cooperation on financial markets and stating, "We received comprehensive understanding."

Nikkei explained that the U.S. government appears to have accepted Japan's intervention in the foreign exchange market by buying yen to respond to the weakening of the currency.

Finance Minister Katayama said, "Japan and the United States are working closely together regarding current exchange rate trends." She also emphasized cooperation under the joint statement issued by the U.S. and Japanese Treasury Secretaries last September, which explicitly allowed for intervention in the foreign exchange market to counter disorderly movements caused by speculation and other factors.

Finance Minister Katayama stated that both sides also exchanged views on China’s export restrictions on critical minerals, adding, "We discussed preparing response measures through broad international cooperation."

The two sides also discussed concerns about the security of financial systems arising from the potential misuse of artificial intelligence (AI), particularly in the wake of the latest AI model 'Claude Mythos' from Anthropic. Finance Minister Katayama explained that, regarding AI development trends, "We are sharing information with the U.S. government and moving forward together."

Secretary Bessent arrived in Japan on the 11th ahead of U.S. President Donald Trump's scheduled visit to China. Nikkei also reported that he had a private dinner with Finance Minister Katayama on the evening of the 11th.