U.S. and Japan Finance Ministers issued a joint statement reiterating that they will not interfere with exchange rates for competitive purposes

PANews reported on September 12 that Japan and the U.S. Treasury Secretary issued a joint statement, stating that the U.S. Treasury Department and the Japanese Ministry of Finance agreed to continue to conduct close consultations on macroeconomic and foreign exchange affairs. It is reiterated that exchange rates should be determined by the market and disorderly fluctuations in exchange rates may have adverse effects on economic and financial stability. Reaffirm the commitment of both parties to avoid manipulating foreign exchange rates or international monetary systems in accordance with the International Monetary Fund's constitution. Reaffirming the G7 commitment that fiscal and monetary policies will continue to move towards achieving their respective domestic goals, rather than interfering in exchange rates for competitive purposes. The joint statement of the U.S. and Japan Treasury Secretary also promises to publicly disclose any foreign exchange intervention operations at least once a month.