U.S. Wants Forex Provision in Trade Pact with Japan

Economy Politics

Washington, April 25 (Jiji Press)--The administration of U.S. President Donald Trump clarified on Thursday its position of seeking to include in a planned bilateral trade agreement with Japan a provision to prevent Tokyo from guiding lower the yen's exchange rate against the U.S. dollar.

U.S. Treasury Secretary Steven Mnuchin expressed the position during a meeting with Japanese Finance Minister Taro Aso in the U.S. capital.

The move came as the Trump administration is eager to reduce the U.S. trade deficit with Japan.

Speaking to reporters earlier this month, Mnuchin said one of U.S. priorities is that countries "don't in any way manipulate their currency for purposes of competitive advantages."

At a press conference following the meeting on Thursday, Aso revealed that he told Mnuchin that Japan cannot agree to link currency and trade policies.

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