Overview

• The two governments reiterated G7 and IMF commitments to avoid manipulating exchange rates or the international monetary system for advantage.
• They agreed that currency intervention should be considered only to address excessive volatility or disorderly market conditions.
• Treasury and the Ministry of Finance committed to disclose any foreign-exchange operations at least monthly to increase transparency.
• Fiscal, monetary, macroprudential and capital-flow measures were affirmed as serving domestic objectives rather than targeting exchange rates.
• Officials pledged continued close consultations, with Japan’s finance minister noting the timing aligns with a separate tariff deal that features lower U.S. duties and a planned $550 billion Japan investment package.