In this context, “critical minerals sovereignty” means that democratic countries have reliable, secure control over the supply of key raw materials (like rare earths, lithium, and other minerals needed for clean energy, electronics, and defense) through their own production or trusted partners, instead of being dangerously dependent on a small number of potentially hostile or coercive suppliers. The related Treasury ministerial readout stresses securing and diversifying critical‑mineral supply chains because they are currently “highly concentrated and vulnerable to disruption and manipulation.”
The United States’ “critical minerals summit” refers to the January 12, 2026 finance‑ministerial meeting at the U.S. Treasury titled “Secretary Bessent Convenes Finance Ministerial on Securing Critical Minerals Supply Chains.” It brought together senior economic officials to discuss securing and diversifying critical‑mineral (especially rare‑earth) supply chains. According to Treasury, participants included finance or economy ministers (or equivalents) from Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom, plus the U.S. Trade Representative and the head of the U.S. Export‑Import Bank, with a presentation from a JPMorgan managing director.
The OECD global minimum tax is a set of agreed rules (Pillar Two of the OECD/G20 tax reform) that aim to ensure large multinational companies pay at least a 15% effective corporate tax rate in every country where they operate, reducing profit‑shifting to very low‑tax jurisdictions. Japan has been an early and active participant: it enacted a Pillar Two “Income Inclusion Rule” in March 2023, applying to fiscal years starting on or after April 1, 2024, and subsequently amended its laws and regulations in 2024 to incorporate additional OECD guidance. Treasury’s readout thanks Japan for its “positive engagement” on these OECD global minimum tax issues, reflecting both its domestic implementation and its involvement in ongoing OECD technical work.
“Excess exchange rate volatility” means unusually large, rapid, and unpredictable swings in the value of a currency (for example, the dollar versus the yen) that go beyond what underlying economic conditions would normally justify. Such sharp currency moves make it hard for exporters, importers, investors, and households to plan; they can disrupt trade and investment, create financial‑stability risks, and strain relations between countries. Both the U.S. Treasury and the Federal Reserve emphasize that while the dollar’s value is market‑determined, authorities may act to counter “disorderly” or highly unstable conditions in foreign‑exchange markets, which is what Bessent was cautioning against.
Satsuki Katayama is a veteran Japanese politician from the Liberal Democratic Party and a former career official in Japan’s Ministry of Finance. She became Japan’s first female Finance Minister in October 2025 under Prime Minister Sanae Takaichi, and she also serves as Minister of State for Financial Services and for reviewing special tax and subsidy measures. Her role as Finance Minister makes her Japan’s top official responsible for fiscal policy, government budgeting, and international financial relations, including talks with counterparts like the U.S. Treasury Secretary.
Scott Bessent is the 79th United States Secretary of the Treasury, sworn in on January 28, 2025 in President Donald Trump’s second administration. A former hedge‑fund manager and currency specialist, he previously served as chief investment officer at Soros Fund Management and founded Key Square Capital. As Treasury Secretary, he leads the Treasury Department, manages federal finances, is a principal economic adviser to the president, and represents the U.S. in international economic and financial matters such as G7, G20, OECD tax talks, and coordination with foreign finance ministers—giving him formal authority to speak on issues like critical‑mineral supply chains, international tax, and exchange‑rate policy.
While the Federal Reserve runs U.S. monetary policy (setting interest rates and managing the money supply), the Treasury Department is legally the lead agency for international economic policy and the dollar’s role abroad. Treasury itself states that “the Secretary of the Treasury is the chief international monetary policy official of the United States,” and the Federal Reserve notes that “the Department of the Treasury is the lead agency setting U.S. international economic policy, including policies regarding the dollar.” In that capacity, the Treasury Secretary regularly discusses exchange‑rate issues and the communication of monetary policy with foreign counterparts, even though the Fed remains operationally independent in setting U.S. interest rates. Bessent’s comments in the readout are about how policy is formulated and communicated to avoid destabilizing currency swings, which fits Treasury’s international mandate.
Such Treasury–Finance Ministry discussions reinforce the U.S.–Japan alliance by keeping both governments closely coordinated on economic and financial issues that affect security and prosperity, such as critical‑mineral supply chains, corporate taxation, and exchange‑rate stability. Regular meetings and readouts—like Bessent’s January 12, 2026 meeting with Finance Minister Katayama and prior joint finance‑minister statements—signal mutual trust, help align positions in forums such as the G7, G20, and OECD, and provide a channel to manage potential frictions over currencies or trade before they escalate. This ongoing coordination deepens economic cooperation and underpins the broader strategic partnership between the two countries.