Meanwhile, Japanese media reported that a second round of talks in Washington was set for May 1, which will be closely watched as a barometer for efforts by other countries seeking tariff relief.

Bessent said Washington is looking at “tariffs, non-tariff trade barriers, currency manipulation and government subsidy of labour and fixed capital investment” in the negotiations with Japan.

But he added that there were “absolutely no currency targets”.

Japanese finance minister Katsunobu Kato said he was ready for “close consultations about exchange rates” with Bessent when they meet today on the sidelines of an IMF gathering in Washington, Japanese media reported.

A weak yen makes Japanese exports relatively cheaper, while a strong dollar means that US exports are less competitive.

The yen rose significantly since Trump’s tariffs were announced – it was trading at 158 for a dollar in mid-January.

The close US ally and world’s number four economy is subject to the same 10% baseline tariffs that have been imposed on most countries, plus steeper levies on cars, steel and aluminium.

Trump also imposed “reciprocal” tariffs on Japan of 24%, but those have been paused for 90 days along with those on other countries except China.

Japan’s envoy Ryosei Akazawa met Trump and other senior US officials last week, and Japanese media reported today that he will return for another round on May 1.

Japanese broadcaster NHK today quoted unnamed sources as saying that US negotiators have said Washington cannot make exceptions for Japan.

Other media reports have suggested that Tokyo is eyeing concessions such as increasing imports into Japan of US rice and soybeans as well as easing auto safety rules.