Official Summary

3/28/2007--Introduced.Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on: (1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and (2) any effort by Jap

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Official Summary

3/28/2007--Introduced.
Japan Currency Manipulation Act - Directs the Secretary of the Treasury to report to Congress on:
(1) currency intervention by Japan with respect to the rate of exchange of the Japanese yen and the U.S. dollar and other currencies since 2000; and
(2) any effort by Japan to create an exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies since March 2004. Requires the Secretary to submit to Congress a proposal for a comprehensive joint U.S.-European Union plan to address the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies. Directs the Secretary to:
(1) initiate consultations with Japan to decrease Japan's foreign currency reserve holdings to permit effective balance of payments adjustments and to eliminate its unfair competitive advantage in international trade; and
(2) take appropriate action to dissuade, prevent, or object to currency intervention by Japan. Directs the United States to call for the convening of a special meeting of the International Monetary Fund (IMF) to reach a multilateral agreement regarding:
(1) the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies;
(2) the destabilizing effects of the exchange-rate misalignment of the Japanese yen; and
(3) Japan's excessive foreign currency reserve holdings. Directs the Secretary to report to Congress on:
(1) progress made toward decreasing Japan's foreign currency reserve holdings; and
(2) actions taken at meetings of the G-7 Leaders, G-7 Finance Ministers, and the IMF regarding the exchange-rate misalignment of the Japanese yen with respect to the U.S. dollar and other currencies, including any progress toward eliminating such misalignment.


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