Treasury Secretary Scott Bessent met Bank of Japan Governor Kazuo Ueda at the G20 finance ministers’ summit, a day after saying he had information about Japan that markets lacked. The meeting came as Japan’s 10-year government bond yield reached 3.003%, its highest level in three decades. The Treasury Department said Bessent supported Japan’s decisive market and monetary steps to address the yen’s substantial undervaluation and emphasized clear policy communication to anchor inflation expectations and limit excessive exchange-rate volatility. Bessent said the U.S.-Japan coordination remained close and that Japan’s government and central bank would take steps leading to a stronger yen. The two countries had jointly intervened in currency markets on July 31 after the yen weakened beyond 163 per dollar; it later recovered modestly to 160.35. Japan’s benchmark rate has risen roughly twice a year since the tightening cycle began in 2024, reaching 1% in June, while the U.S. 10-year Treasury yield rose to 4.78%. Investor Peter Schiff said Japan’s yield increase could foreshadow a larger U.S. problem. Markets priced a roughly 68% chance of a 25-basis-point Federal Reserve rate hike this month.