Excerpts from the Joint Press Conference given by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services, and UEDA Kazuo, Governor of the Bank of Japan (The second meeting of G20 Finance Ministers and Central Bank Governors under the Africa G20 Presidency)

(Excerpt)

(Thursday, April 24, 2025, 5:17 pm to 5:35 pm)
 

[Opening remarks:]

Minister)

We would like to report on the second day of the G20 Finance Ministers and Central Bank Governors Meeting held today, as well as the outcomes of bilateral meetings.
Following yesterday’s discussions, today’s G20 meeting focused on international finance and development issues in Africa.
In the discussion on international finance, I stated that, in light of the 80th anniversary of the Bretton Woods system, discussions are underway on the future direction of the IMF. I emphasized the importance of maintaining the IMF’s fundamental role while discussing its functions and organizational structure from a long-term perspective that is not bound by existing systems. I also reiterated Japan’s continued commitment to multilateral assistance through MDBs and, regarding debt issues, the need to improve the implementation of the G20’s Common Framework and further enhance debt transparency.
In discussions on development issues in Africa, I emphasized the importance of comprehensively addressing challenges such as weak institutions, insufficient infrastructure development, and macroeconomic vulnerabilities in order to achieve economic growth in Africa. I also highlighted the necessity of the early entry into force of the IDA’s 21st replenishment, for which relevant laws were recently enacted in Japan, and stated that Japan will host the 9th Tokyo International Conference on African Development (TICAD 9) in August this year to continue to support Africa’s growth.
Today, I held bilateral meetings with World Bank President Ajay Banga, European Commissioner Valdis Dombrovskis, and U.S. Secretary of the Treasury Scott Bessent.
This was my first bilateral meeting with the Secretary Bessent. The meeting lasted about 50 minutes, from 3:00 p.m. to 3:50 p.m. At the outset, I expressed my deep regret over the series of tariff measures taken by the U.S. and strongly requested a review of these measures, which raise concerns about their consistency with the Japan-U.S. Trade Agreement.
Secretary Bessent and I then had a productive discussion on various bilateral issues, including wage increases and economic trends in Japan.
With regard to foreign exchange, we reaffirmed our understanding that exchange rates are determined by the market and that excessive fluctuations or disorderly movements in exchange rates could adversely affect economic and financial stability.
Furthermore, with regard to the ongoing trade negotiations between Japan and the U.S., we agreed to continue close and constructive consultations on foreign exchange issues.