The US and Japan finance ministers reaffirmed their G7 commitments on currency policy, stressing exchange rates should remain market-driven. They pledged to avoid manipulation, limit intervention to disorderly markets, and disclose FX operations monthly.
Japan–US finance ministers’ joint statement highlights
The US Treasury and Japan’s Ministry of Finance reaffirmed their partnership and agreed to continue close consultations on macroeconomic and foreign exchange matters.
Both sides reiterated that exchange rates should be market-determined, warning that excess volatility and disorderly movements can undermine economic and financial stability.
They reconfirmed commitments under IMF rules to avoid manipulating FX rates or the international monetary system for unfair advantage.
They restated the G7 pledge that fiscal and monetary policy should serve domestic objectives using domestic tools, not targeting exchange rates.
Agreed that macroprudential or capital flow measures will not be used to target exchange rates.
Confirmed that government investment vehicles such as pension funds invest abroad for risk-adjusted returns and diversification, not to influence exchange rates.
Concurred that FX intervention should only be considered to address excessive volatility or disorderly market conditions.
Committed to publicly disclose any FX intervention operations on at least a monthly basis.
Stressed the importance of transparent exchange-rate policies and practices.
