FX.co ★ Japan Denies Yen Manipulation Claims

Japan refrains from intentionally devaluing the yen, Finance Minister Katsunobu Kato asserted in parliament on Friday. This statement counters U.S. President Donald Trump's allegations that Tokyo purposely depresses its currency to benefit exporters. This discussion arises in anticipation of a potential meeting with U.S. Treasury Secretary Scott Bessent in Washington next week, coinciding with the G20 finance summit and IMF spring meetings. If this meeting occurs, it would provide a significant opportunity for Japan and the U.S. to deliberate on currency matters amid the broader ongoing tariff discussions that commenced earlier this week. Kato highlighted that Japan's latest intervention in the currency market was characterized by buying yen, not selling it, underscoring Tokyo's dedication to maintaining fair market practices. While acknowledging the U.S. interest in discussing exchange rates, Kato refrained from speculating on specific discussion topics and noted that a date for the meeting with Bessent has not yet been determined.