The US appears to tacitly approve of yen intervention, clues revealed in meeting between Japanese finance minister and Bentsen

Japanese Finance Minister Kaori Kamen confirmed that her team is closely coordinating with U.S. Treasury Secretary Scott Benett on foreign exchange policy, suggesting that the U.S. may have tacitly approved Japan's recent possible market intervention. "Regarding the recent exchange rate movements, we confirm that Japan and the U.S. have been coordinating well and maintaining close communication," Kamen told reporters in Tokyo on Tuesday after meeting with Bennett. She said, "We also reaffirm that we will continue to closely cooperate on foreign exchange issues in accordance with the joint statement issued in September last year." She also added that the statement clearly states that intervention is an option to address excessive volatility in the foreign exchange markets. "I believe we have a full understanding on this point," Kamen said. Kamen declined to comment on whether the two discussed the Bank of Japan's monetary policy during their meeting. She also stated that she will not comment on Bennett's remarks.