Japan\u2019s doesn\u2019t manipulate its currency and its monetary policy is done for purely domestic reasons, the nation\u2019s top currency official said in response to comments by U.S. President Donald Trump.<\/p>\n
“Japan\u2019s monetary policy is for the domestic purpose of beating deflation, and isn\u2019t done with FX in mind, so I think that those remarks are a little bit wide of the mark,\u201d Masatsugu Asakawa, the Finance Ministry\u2019s foreign exchange policy chief, said on Wednesday.<\/p>\n
Chief Cabinet Secretary Yoshihide Suga pushed back more forcefully, calling Trump\u2019s comments “totally inaccurate.”<\/p>\n
Trump on Tuesday said: “You look at what China\u2019s doing, you look at what Japan has done over the years. They — they play the money market, they play the devaluation market and we sit there like a bunch of dummies,” according to a transcript in the Congressional Quarterly.<\/p>\n
The barbs indicate likely friction points when Trump and Japanese Prime Minister Shinzo Abe meet next week in the U.S. This isn\u2019t the first time that Trump has raised the issue of Japan\u2019s currency and relations with the U.S. On the campaign trail in 2015, he accused Japan of currency manipulation.\u00a0At a press conference on\u00a0a Jan. 15 this year, he said the U.S. has a “trade imbalance” with Japan.<\/p>\n
Asakawa added that Japan hasn\u2019t recently intervened in the currency market, “so without more explanation, I am not sure what is being referred to.”<\/p>\n
Japan\u2019s Finance Minister Taro Aso said in parliament on Tuesday that Trump had introduced “a new factor of uncertainty,” which could contribute to a weak yen and strong dollar for “some time.”<\/p>\n
Aso will explain Japan\u2019s foreign exchange and monetary policies to Trump in the U.S. next week, according to a Reuters report.<\/p>\n
Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"
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