In a move that underscores the importance of economic diplomacy, Japanese Finance Minister Katsunobu Kato has revealed his intention to hold talks with U.S. Treasury Secretary Scott Bessent during the upcoming G7 finance ministers’ meeting in Canada. This planned meeting is set to take place on the sidelines of the major economic gathering and is poised to be a significant moment for discussions on crucial economic matters.
Kato made the announcement during a regular press conference on Tuesday. He stated that he was actively making preparations to attend the G7 finance leaders’ meetings in Canada the following week. Expressing his eagerness, Kato said, “I’m making preparations to attend the meetings of finance leaders from the G7 in Canada next week. If circumstances allow, I’d like to use this opportunity to have a meeting with Treasury Secretary Scott Bessent and continue to discuss foreign exchange.” This comes as the Japanese yen has been facing considerable pressure in global markets, making foreign exchange issues a top priority for Japan’s finance ministry.
Kato Aims for G7 Forex
The planned meeting between Kato and Bessent is a continuation of their prior dialogue. The two officials had previously met on April 24 in Washington, where they agreed to maintain a “constructive” dialogue on currency matters. However, that initial meeting did not yield any concrete agreements regarding specific currency targets or frameworks aimed at stabilizing the Japanese yen. Now, with the yen’s situation still a concern, the upcoming meeting could potentially see more in – depth and decisive discussions on the topic.
Japan-US Forex and Tariff Talks Planned
Moreover, Kato has indicated that if the bilateral meeting occurs, U.S. tariffs may also be on the agenda. This signals a broadening of the economic discussions between the two nations. With the ongoing uncertainty surrounding U.S. trade measures and their impact on global economies, including Japan’s, addressing tariffs becomes an important part of the economic conversation. The G7 gathering, which will bring together top finance officials from the U.S., Japan, Canada, Germany, France, Italy, and the United Kingdom, is expected to be a crucial platform for policy coordination among major economies. Amid persistent concerns about currency volatility and the far – reaching implications of U.S. trade policies, these high – level meetings will play a vital role in shaping economic strategies and responses for the G7 countries.
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