The U.S. Treasury Department added Japan to its ¡°monitoring list¡± for foreign-exchange practices but stopped short of labeling it or any other trade partner as a currency manipulator.
While pointing out that Japan intervened to support the yen earlier this year, the Treasury took aim, instead, at Tokyo¡¯s large bilateral trade and current account surpluses.
¡°Treasury¡¯s expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations,¡± the department said Thursday in its semiannual foreign-exchanges report. ¡°Japan is transparent with respect to foreign exchange operations.¡±
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