Japan Finance Minister Satsuki Katayama said U.S. President Donald Trump raised concerns about the yen during his meeting with Japanese Prime Minister Sanae Takaichi in New York earlier this week. According to Sina Finance, Katayama said Trump expressed concern about the yen's weakness at a recent U.S.-Japan summit, and that Takaichi replied that an undervalued yen was indeed a problem.

Katayama added that she will continue coordinating closely with U.S. Treasury Secretary Scott Bessent on foreign exchange and other issues. She made the remarks after a Cabinet meeting briefing in Tokyo on Friday, as the yen fell back toward the closely watched 160 per dollar level after Japan's five-day holiday. The yen has continued to weaken since the Federal Reserve and the Bank of Japan both raised interest rates last week.