Japan, U.S. Finance Chiefs Vow Cooperation on Currency Issues

Politics

Tokyo, July 12 (Jiji Press)--Japanese Finance Minister Shunichi Suzuki and visiting U.S. Treasury Secretary Janet Yellen issued a joint statement Tuesday, affirming their close cooperation on currency issues, amid the yen's rapid depreciation against the dollar.

"We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues" in line with commitments by the Group of Seven major countries and the Group of 20 economies, they said in the statement.

The statement was issued after Suzuki and Yellen held talks in Tokyo ahead of a meeting of G-20 finance ministers and central bank chiefs to be held in Bali, Indonesia, for two days from Friday.

By issuing the joint statement, a very rare move after a meeting of the finance ministers, Suzuki and Yellen apparently warned against the yen's excessive weakening.

In the statement, the finance chiefs pointed out that "the economic fallout from Russia's invasion (of Ukraine) has raised exchange rate volatility, which can have adverse implications for economic and financial stability."

[Copyright The Jiji Press, Ltd.]

Jiji Press