Japan's Finance Minister Kato Discusses FX Rates with U.S. Counterpart, Expresses Concerns Over One-Sided Market Moves Since December

Japanese Finance Minister Katsunobu Kato recently engaged in discussions with his U.S. counterpart regarding foreign exchange (FX) rates and the impact of excessive volatility on the markets. Kato expressed deep concern over the recent one-sided and rapid movements in the foreign exchange market, which he has observed since December. While he acknowledged the importance of these discussions, he indicated that decisions on monetary policy would be left to the Bank of Japan. Kato emphasized the need for appropriate actions to address excessive forex fluctuations, although he refrained from commenting directly on specific forex rates during his public address in Tokyo.