Japan’s Mimura says Japan, US did not discuss FX levels at finance ministers’ meeting

Japan’s Mimura says Japan, US did not discuss FX levels at finance ministers’ meeting

• reaffirmed that forex should be determined by the market
• Do not believe that there is any gap in understanding with the U.S.
• Finance Minister Kato agreed with Bessent that FX rates should be set by markets
• Did not discuss current rates
• Did not discuss future rates

Mimura is repeating what US Treasury told us much earlier, triggering a yen sell off:

• US Treasury confirm that Sec. Bessent met with Japan finance minister Kato

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Atsushi Mimura is Japan’s vice finance minister for international affairs, AKA ‘top currency diplomat’. Japan’s finance ministry is the relevant authority in Japan for ordering intervention in the JPY. Mimura would be directing Bank of Japan intervention, should it come to that.

This article was written by Eamonn Sheridan at www.forexlive.com.