Nomura: At the G20 meeting, the US may pressure Japan to tighten fiscal policy and raise interest rates in exchange for joint intervention to support the yen.

智通财经2026/08/31 06:47

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Nomura Research Institute economist Takashi Kiuchi predicts that US Treasury Secretary Janet Yellen may put pressure on Japan at the upcoming G20 meeting, urging the country to maintain cautious fiscal discipline and proceed with interest rate hikes. This move would be in exchange for US coordination support in yen intervention, aiming to reduce the risk of further yen depreciation.
Kiuchi points out that curbing yen weakness helps correct the strength of the US dollar, thereby reducing America’s trade deficit. In addition, the recent rise in Japanese government bond yields may spill over into US markets and disrupt its economic and financial stability; therefore, stabilizing the yen also aligns with US interests.
Currently, the USD/JPY exchange rate is around 159.82, with the yen remaining weak. The market is closely watching signals from US-Japan policy interactions during the G20 summit.

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Nomura: At the G20 meeting, the US may pressure Japan to tighten fiscal policy and raise interest rates in exchange for joint intervention to support the yen.

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