Japan finance minister Kato:
Told G7 meeting that US tariffs are creating uncertaintiesDiscussed overcapacity with G7Told G7 unsustainable macro-economic imbalance of some countries behind trade imbalanceTold G7 each country must take steps to boost domestic demand, cut fiscal deficitTalk with Bessent lasted 30 minutesMet with U.S. Treasury Secretary Bessent todayTold Bessent that US tariffs are regrettableAgreed with Bessent that FX rates should be set by marketsReaffirmed excessive volatility in currency moves has adverse impacts on economic and financial stabilityNo talk on FX levelsTariffs are not appropriate means to correct macroeconomic imbalances that are behind trade imbalancesDid not directly discuss Japan’s US Treasury holdings in meeting with BessentLeave monetary policy to BOJMonetary policy falls under jurisdiction of BOJ, when asked whether he discussed BoJ policy with Bessent---
Earlier headline on Kato meeting with Bessent:
US Treasury confirm that Sec. Bessent met with Japan finance minister Katotriggered a slide for the yen, since partially retraced:
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