By Andrew Duehren
TOKYO–Treasury Secretary Janet Yellen expressed reluctance to intervene to support the yen after the Japanese currency’s recent fall.
Ms. Yellen, speaking in Tokyo on Tuesday after meeting her Japanese counterpart, said the U.S. favors market-determined exchange rates. She said intervention by governments is warranted “only in rare and exceptional circumstances.”
She said the Japanese side discussed in their meeting how the yen has “depreciated substantially,” but the two sides didn’t discuss policy.
The U.S. wants to communicate closely with Japan and other partners about exchange-rate developments, Ms. Yellen said.
Write to Andrew Duehren at [email protected]
