Japan’s Finance Minister Satsuki Katayama said on Thursday that she discussed with Treasury Secretary Scott Bessent on foreign exchange and agreed to keep close dialogue.

Key quotes

Have told G7 that closely watching forex moves.

Discussed with Bessent on foreign exchange and agreed to keep close dialogue.

Volatility in oil futures influencing foreign exchange as foreign exchange volatility influences people’s livelihoods and economy.

Not aware when asked whether Bank of Japan monetary policy was discussed in meeting with Bessent.

Many G7 members pointed to strong uncertainties; some say it will take weeks to have clarity.

Have impressions that overseas financial leaders are adopting a wait and see stance.

Many central bankers stated wait and see stance as raising interest rates could negatively impact economy.

Impossible to predict when the current situation ends or how it causes spillover effects.

Market reaction

At the time of writing, the USD/JPY pair is down 0.12% on the day at 158.80.

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