Japan, US finance chiefs reaffirm markets should decide exchange rates
Japan's Finance Minister Kato Katsunobu and US Treasury Secretary Scott Bessent have reaffirmed the principle that exchange rates should be determined by the markets.
Kato and Bessent met for about 30 minutes on Wednesday on the sidelines of the conference of Group of Seven finance ministers and central bank chiefs in Banff, Canada.
Kato told reporters that he asked Bessent for a review of US tariff measures.
Kato said they avoided discussing exchange rate levels and agreed to continue close and constructive talks.
At the Group of Seven finance leaders' meeting, Kato said the trade imbalance should be addressed not by tariffs but by boosting domestic demand and cutting the budget deficit.
Other countries voiced concerns over how the uncertainty surrounding US tariffs would impact the global economy and financial markets.
The finance leaders aim to issue a joint statement when they wrap up their two-day meeting on Friday.
It remains to be seen to what extent the G7 can show unity on upholding free trade.
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