Japan rejects Trump’s claim that Tokyo devalues yen

ISTANBUL

Japan on Wednesday rejected US President Donald Trump’s claims that Tokyo is devaluing yen, noting that Japan will work closely with Washington, Jiji press reported.

“Whether it is Japan or China, the weak currency against the dollar puts us at a great disadvantage,” Trump said on Monday.

“I used to call the leaders of Japan and China and tell them, ‘We cannot continue to unfairly devalue our currencies’. But all I have to do is tell them, ‘We need to raise tariffs a little’.”

Japanese Prime Minister Shigeru Ishiba rejected Washington’s claims.

"It is not that there have never been discrepancies between what (Trump) said yesterday and today," Shigeru Ishiba said at a parliamentary committee meeting.

Ishiba mentioned that he would always coordinate with the US president, adding that Japanese and US finance chiefs will discuss foreign exchange matters.

Separately, Japanese Finance Minister Katsunobu Kato rejected Trump’s claims, saying that Tokyo is not devaluing the yen.

Katsunobu Kato said on Wednesday "Japan does not adopt a policy of guiding its currency lower and this is clear from currency market interventions Japan conducted last year" to limit the yen's depreciation.