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(Bloomberg) — Japanese Finance Minister Katsunobu Kato said he’ll seek another opportunity to talk with his US counterpart Scott Bessent next week to discuss currency matters, building on their dialogue last month.
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“We confirmed that currency rates should be determined by the market, and that excessive volatility can harm the economy and financial stability,” Kato said Friday at a post-cabinet meeting press conference, referring to his April bilateral meeting with the US Treasury secretary in Washington. “I’m looking for a chance to speak with Bessent again next week to discuss these points, if the circumstances allow,” Kato added.
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Kato plans to attend the Group of Seven finance ministers’ meeting in Canada next week, where he aims to hold further discussions with Bessent.
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Kato’s remarks follow a report that the US and South Korea discussed currency issues during trade talks earlier this month. News of that development prompted gains of more than 1% in several Asian currencies, including the won and yen.
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According to the report, South Korea’s Deputy Finance Minister Choi Ji-young and US Treasury official Robert Kaproth discussed FX policy during a May 5 meeting in Milan and intend to continue that dialogue. Investors interpreted the talks as further evidence that the Trump administration favors a weaker US dollar, and that foreign governments may tolerate stronger currencies to facilitate trade agreements with the US.
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Kato declined to comment on the discussions between Washington and Seoul, saying only that the market’s reaction reflected its own interpretation of the news.
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Currency policy remains a focal point for markets amid the ongoing US trade negotiations. A person familiar with the matter said US officials involved in global trade talks aren’t pursuing currency commitments in the deals.
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Japan’s chief negotiator Ryosei Akazawa is expected to return to the US for a third round of trade talks later this month, reportedly once the G-7 meeting has concluded.
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As of mid-morning in Tokyo Friday, the yen was trading around 145 per dollar, paring overnight gains after Japan reported weaker-than-expected GDP figures for the first quarter.
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