The U.S. does not have specific currency targets in mind as part of bilateral trade talks with Japan, Treasury Secretary Scott Bessent said on Wednesday, ahead of an expected meeting with Japanese Finance Minister Katsunobu Kato this week.

Before Japan can proceed with trade talks with Washington, authorities must first correct several misunderstandings held by President Donald Trump, former foreign minister and previous digital transformation minister Kono Taro said Wednesday.

Caveats: It’s still very early in Trump’s global trade war. And a company could theoretically blame the tariffs publicly for reductions it had planned before he took office. Watch for Securities and Exchange Commission filings, where there are penalties for not being truthful.