US Treasury secretary seeks 'rapid, consistent progress' on investment pact with Japan

US Treasury Secretary Scott Bessent said on Tuesday that Washington seeks “rapid and consistent progress” on an investment agreement with Tokyo.

During his meeting with Japanese Economy, Trade and Industry Minister Ryosei Akazawa, Bessent “highlighted the continued positive collaboration between the United States and Japan on issues pertaining to critical minerals and supply chains.”

In a statement through US social media company X following the meeting in Tokyo, Bessent said he “emphasized the need for rapid and consistent progress on the US-Japan investment agreement.”

Bessent also met with Japanese Finance Minister Satsuki Katayama, he said on X, during which he reaffirmed the “strong economic partnership” between the US and Japan.

“The level of communication and coordination between our teams in addressing undesirable, excess volatility in currency markets continues to be constant and robust,” Bessent added.

He stressed that during the meeting, the two “held positive discussions on the U.S.-Japan investment agreement, our shared efforts on critical minerals, and the United States’ support for Japan as it works to build an investment screening mechanism.”

For her part, Katayama told reporters after the meeting: "We are in good coordination regarding recent currency movements" amid the Middle East conflict," adding that Japan's stance has been "fully supported," according to the Tokyo-based Kyodo News.

Under a deal the two countries reached in July 2025, Japan pledged to invest about $550 billion in strategic industries in the US in exchange for reduced tariffs.