為替かわせめぐる日にち米べい交渉こうしょうの焦点しょうてんは 財務省ざいむしょう国際こくさい部門ぶもんの元もと財務ざいむ官かんに聞きく

The Japan-U.S. Finance Ministers meeting, which will focus on the foreign exchange sector, is expected to take place on the 24th local time in Washington, D.C., USA.

We asked Mr. Tatsuo Yamazaki, who served as the top financial officer in the Ministry of Finances international division from 2014 to 2015 and has experience in international negotiations such as market interventions, about the focal points of the Japan-U.S. negotiations in the field of foreign exchange.

In the Japan-U.S. negotiations, while the U.S. aims to resolve the trade deficit, regarding the U.S.s objectives in the currency sector of the Japan-U.S. negotiations, former Finance Minister Yamazaki stated, It is very disadvantageous for exporters, and there might be a notion within the administration that it would be preferable if not only tariffs but also currency issues were addressed. However, whether this is the view of the entire Trump administration, including Treasury Secretary Bessent, is something we wont know until we hear their side. He pointed out that understanding their true intentions is the first step in the negotiations.

Regarding the view that the Plaza Accord might be enacted again, in 1985, the major five countries agreed on a coordinated exchange rate policy to correct the strong dollar. Regarding the view that the Plaza Accord might be enacted again, I think the lesson learned from the Plaza Accord is that the involvement of monetary authorities can lead to greater speculation and have a negative impact on the real economy due to larger exchange rate fluctuations.

If the intention of the United States is to artificially change the exchange rate, it should not be done, and I believe that the U.S. authorities do not have such an idea in the first place, he said.

The impact on the Bank of Japans monetary policy regarding the Bank of Japans monetary policy is that Treasury Secretary Bessent believes that exchange rates move in reflection of economic policies and their fundamental economic conditions, which include the widening interest rate gap between Japan and the United States.

Currently, the US is shifting towards interest rate cuts, but if there are people within the Trump administration who think that the Bank of Japans pace of interest rate hikes is slow, I think there might be instances where they ask about Japans stance.

Finance Minister Bessent stated, While the independence of central banks is well recognized, there are aspects of the Bank of Japans actions that are not fully understood by market participants worldwide. Therefore, I believe it will be a good opportunity for Japan to properly explain them.

In the course of negotiations, former Finance Minister Yamazaki said, Since the tariffs were imposed, things have been changing rapidly over these weeks, so the United States is constantly shifting.

I think it is important to conduct skillful negotiations so that the tariffs are kept at a level that is also beneficial for the American economy. Since Japan is a frontrunner in negotiations, it is crucial to protect Japans national interests while allowing President Trump to have some achievements. he stated.