Japan rejects U.S. accusation of currency manipulation

TOKYO, March 5 (Xinhua) -- Japanese Finance Minister Katsunobu Kato on Tuesday dismissed claims of currency manipulation after U.S. President Donald Trump accused the country of deliberately guiding the yen lower.

Speaking at a press conference after a cabinet meeting, Kato emphasized that Japan is not taking measures to weaken its currency, pointing out that the country's past foreign exchange interventions in 2022 and 2023 were aimed at correcting excessive yen depreciation rather than manipulating the currency.

He reaffirmed Japan's commitment to market stability and adherence to the Group of 7 (G7)'s agreed-upon principles on exchange rates.

In a separate press conference, Chief Cabinet Secretary Yoshimasa Hayashi echoed Kato's remarks, emphasizing that Japan does not implement a weak yen policy.

He referred to Prime Minister Shigeru Ishiba's comments after a recent U.S.-Japan summit, where Ishiba pledged to continue close coordination on currency matters between Japanese and U.S. financial authorities.

Triggered by Trump's accusations, the Tokyo foreign exchange market saw a strengthening of the yen on Tuesday, with the exchange rate briefly reaching the mid-148 yen per dollar in the morning.■