U.S. Treasury Secretary Bessent Tells Japan's Finance Minister and BOJ Governor Rate Hikes Are Needed

According to a U.S. official, Treasury Secretary Scott Bessent told Japan's Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda that it was necessary to take steps toward raising interest rates. Bessent met Katayama and Ueda on the sidelines of the Group of 20 finance ministers and central bank governors meeting in North Carolina. He expected the Japanese government and the central bank to take measures that would push the yen higher.