US Clears Japan of Currency Manipulation in 2023, Adds them to Monitoring List

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Key Takeaways:

  • 💱 Japan was added to the U.S. Treasury’s foreign exchange monitoring list
  • 📉 China remains on the monitoring list due to trade surplus and lack of transparency in foreign exchange policies
  • 🇯🇵 Japan intervened in foreign exchange markets in April and May 2024 to strengthen the yen
  • 🔍 Treasury is closely monitoring China’s foreign exchange data amid discrepancies
  • 💵 Most countries focused on selling dollars to strengthen their currencies
  • 🌏 Vietnam’s current account surplus increased to 5.8% of GDP in 2023
  • 🇻🇳 Treasury is satisfied with Vietnam’s progress in transparency in monetary policy management
  • 💸 The US did not find any currency manipulation in 2023
  • 🌎 International trade relations were stable this year
  • 📉 There were no major disruptions in the currency market
  • 📰 The government did not intervene to manipulate the value of the currency
  • 💹 Japan placed on U.S. list for monitoring foreign exchange practices after 1 year
  • 📈 Japan, Germany, Taiwan, and Vietnam met criteria for significant trade and current account surpluses
  • 📉 Three criteria used to assess currency manipulation by countries
  • 💸 Japanese authorities intervened in foreign exchange markets in April and May
  • 🔍 Transparent foreign exchange operations in Japan
  • 🚫 No trading partner designated as currency manipulator by U.S. Department of Treasury
  • 🇨🇳 More focus on China in the report for lack of transparency

Japan and China’s Foreign Exchange Monitoring Status

Recently, Japan was added to the U.S. Treasury’s foreign exchange monitoring list, while China remains on the list due to its trade surplus and lack of transparency in foreign exchange policies. Japan intervened in the foreign exchange markets to strengthen the yen, with authorities ensuring transparent operations. On the other hand, the Treasury closely monitors China’s data amidst discrepancies, with a focus on transparency. The US did not find any currency manipulation in 2023, and international trade relations remained stable, with no major disruptions in the currency market. Additionally, Japan, Germany, Taiwan, and Vietnam met criteria for significant trade and current account surpluses, indicating a positive trend in their economies.

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