[Japanese Finance Minister Says Coordination with Bessenter on Foreign Exchange Policy] Japanese Finance Minister Satsuki Katayama stated that following her meeting with US Treasury Secretary Bessenter in Tokyo, her team is cooperating smoothly with the US on foreign exchange policy. Katayama indicated she would not comment on Bessenter's specific remarks. This is Bessenter's third visit to Japan since assuming his cabinet position. Markets are closely watching the meeting, which comes less than two weeks after Tokyo's seemingly large-scale, multi-day intervention to boost the yen. Bessenter had previously hinted at his criticism of direct market intervention, preferring instead to support the yen through the Bank of Japan tightening monetary policy. Japanese authorities likely first intervened on April 30th, when the Bank of Japan's decision to maintain its policy, coupled with hawkish signals from the Federal Reserve, pushed the yen above the 160-dollar mark. Data analysis suggests that Japanese authorities may have used approximately $24.7 billion in this operation, followed by an additional $30 billion in a subsequent round of intervention. Katayama said she and Bessant also discussed topics such as artificial intelligence and key minerals.
