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The US Treasury Department announced on the 8th local time that Treasury Secretary Yellen will visit Japan and South Korea next week and attend the Group of Twenty (G20) Finance Ministers Meeting
in Bali, Indonesia.
This will be Yellen's first trip to Asia
as U.
S.
Treasury secretary.
According to US media reports, the primary task of Yellen's trip is to seek the support
of allies in setting a price cap on Russian oil.
The United States hopes to reduce Russia's oil revenue by limiting the price of Russian oil, while not excluding Russia from
the international oil market.
Yellen will visit Japan from July 12 to 13, attend the G20 finance ministers' meeting in Bali from July 15 to 16, and visit South Korea
on July 19, according to a Ministry of Finance statement.
The statement also said Yellen's visit to Asia is intended to strengthen U.
S.
leadership in the region, will seek to expand economic sanctions against Russia, and will also discuss some of the current global issues
.
At the Group of Seven (G7) summit a week ago, G7 leaders agreed to reduce their dependence on Russian energy and tentatively agreed to limit Russian oil and gas prices, such as not providing insurance and transportation services for Russian crude oil and petrochemicals that exceed the limit
.
According to Reuters, citing U.
S.
Treasury officials, the U.
S.
is currently in contact with a number of countries to try to agree on a "price limit" on Russian oil, and has made "good progress.
"
But some experts have questioned that if India, China and other major Russian oil "customers" do not approve, this move will have little effect
.
In addition, Bloomberg believes that the yen exchange rate will also become an important issue in
Yellen's visit to Japan.
In recent weeks, the yen has fallen to its lowest level against the dollar since 1998, and the depreciation of the yen has weakened the purchasing power of Japanese households and sparked concerns
from Japanese authorities.
