Trade

Kato Says Currency Targets Were Not Discussed in Bessent Talks

Katsunobu Kato during a news conference at the IMF and World Bank Spring meetings in Washington, DC, on April 24.Photographer: Tierney L. Cross/Bloomberg

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By Erica Yokoyama

April 24, 2025 at 10:52 PM UTC

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Japanese Finance Minister Katsunobu Kato said that specific foreign-exchange targets didn’t at all come up in his talks Thursday with Treasury Secretary Scott Bessent, while he did strongly urge that the US rethink its steps on tariffs.

“There was no talk from the US at all about target levels for exchange rates, or a framework to manage currencies,” Kato told reporters on Thursday after meeting his US counterpart. Kato added the pair confirmed that they will continue to closely discuss currency issues in relation to ongoing bilateral trade negotiations.