Japan's Finance Minister Katayama Satsuki stated that U.S. President Trump discussed concerns about the yen during his meeting with Japanese Prime Minister Takaichi Sanae earlier this week in New York.

Speaking at a briefing after a cabinet meeting in Tokyo on Friday, Katayama Satsuki said: "During the recent Japan-U.S. summit talks, Trump expressed concern about the weakening of the yen."

Katayama Satsuki told reporters that Takaichi Sanae responded by saying that the yen being undervalued is indeed a problem.

She added that she will continue to maintain coordination with U.S. Treasury Secretary Scott Bessent.

Katayama Satsuki said: "U.S. Treasury Secretary Bessent and I will continue to maintain close communication on foreign exchange and many other issues."

After Japan entered a five-day holiday, the yen once again fell back to near the highly market-watched level of 160 yen per dollar, prompting Katayama Satsuki's remarks.

The yen has continued to weaken after both the Federal Reserve and the Bank of Japan raised interest rates last week.