US President Trump said on Monday local time that he told the Japanese leader that they cannot continue to devalue their currency because it is unfair to the US.

Trump said: "You can't do that because it's unfair to us. When Japan and other places are pushing down their currency exchange rates, it's hard for us to produce tractors here.

When asked about Trump's comments, Japanese Finance Minister Taro Aso said that Tokyo has not taken direct policies aimed at weakening the yen. Aso said at a press conference in Tokyo on Tuesday that Japan has confirmed the "basic stance on exchange rate policy" with the G7 and the US, including in bilateral meetings with US Treasury Secretary Mnuchin. (FXStreet)