politics

Currency provision won't be in Japan-U.S. trade deal: Aso

6 Comments

Japanese finance minister Taro Aso said on Tuesday that a currency provision won't be included in a Japan-U.S. bilateral trade deal that the two countries are aiming to conclude by the end of this month.

When asked about the prospects for a deal, Aso told reporters after a cabinet meeting that "it is right" to assume that the currency provision, which is aimed at preventing competitive devaluation, won't be included.

U.S. President Donald Trump said on Monday that the United States has reached initial trade agreements with Japan on tariff barriers and digital trade that will not require congressional approval.

Currencies are a touchy issue for Japan because it has been criticized for keeping the yen weak with massive monetary easing.

Japan has been resisting U.S. pressure to link trade with currency issues.

Trump has made clear he is unhappy with Japan's trade surplus with the United States and wants a two-way deal to address it.

U.S. Treasury Secretary Steven Mnuchin had said that in future trade deals, including one with Japan, the United States would like to include a provision to deter foreign exchange manipulation.

Japan has resisted the idea, out of concern that it could tie its hands in monetary policy and any future attempts to check unwelcome spikes in the yen.

Japan has stayed out of the market since 2011 when it intervened heavily, including a joint intervention with its G7 peers, to stem excessive yen strength in the wake of devastating earthquakes and a tsunami that triggered the Fukushima nuclear crisis.

© (c) Copyright Thomson Reuters 2019.

©2019 GPlusMedia Inc.

6 Comments
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Then it most definitely is. Where's investigative journalism when you need it?

0 ( +1 / -1 )

Where's investigative journalism when you need it?

Well, Assange is in prison in the UK, as are many other journalists around the world - with little public complaint. Those who report what they are told to report are well paid and treated with undeserved respect by the public. People have the journalists they deserve.

0 ( +1 / -1 )

Well, Assange is in prison in the UK, as are many other journalists around the world - with little public complaint.

There has been plenty of public complaint.

-1 ( +1 / -2 )

There has been plenty of public complaint.

Not really.

1 ( +2 / -1 )

there is no provisions because then the US would be bound by them also, cant stop that money printing press when you need it the most hey

0 ( +0 / -0 )

There has been plenty of public complaint.

Plenty.

From which public?

0 ( +0 / -0 )

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