Suzuki and Yellen discuss sanctions against Russia and exchange rate fluctuations

Japanese Finance Minister Suzuki Shunichi met with US Treasury Secretary Janet Yellen in Tokyo.
Both men said in a statement that their countries would increase sanctions against Russia following its invasion of Ukraine. This is Yellen’s first visit to Japan since taking office last year.

Japanese Finance Minister Suzuki Shunichi said, “It is important that Japan and the United States work closely together to play a central role in addressing difficult issues for the international community.

US Treasury Secretary Janet Yellen said, “We also hope to deal with the impact of high energy prices the world is experiencing as a result of the war in Russia.

The parties welcomed the efforts of the G7 countries to curb soaring energy costs through a cap on Russian oil prices. Yellen said the cap would cut funds for the Russian military and help lower energy prices.

The meeting comes as the Japanese currency continues to weaken against the dollar. It is currently at its lowest in 24 years. The statement blames the Russian invasion for causing the larger swings in the exchange rate.

He said the currency issue could have a negative impact on economic and financial stability. He said Japan and the United States will continue to cooperate on the issue.