JAPANESE Prime Minister Sanae Takaichi said Friday that US President Donald Trump expressed concern at their recent summit that a weaker yen is hurting US trade.
“I told the president that an undervalued yen is generally problematic,” Takaichi told reporters at her office. It is rare for Japanese and US leaders to publicly comment on currency movements.
Takaichi and Trump met Tuesday in New York on the sidelines of the UN General Assembly.
“Japan will pursue a strong economy while maintaining fiscal sustainability under a policy of responsible, proactive fiscal spending,” Takaichi said.
Her remarks came as the yen has remained under pressure against the US dollar after strengthening earlier this month following a Bank of Japan rate check, which is often seen as a possible precursor to currency intervention.
The wide interest rate gap between the two countries remains a dominant driver of the yen’s weakness against the dollar. — Kyodo
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