US Treasury official Brown: Japan no longer faces deflation, yen and monetary policy must adjust

Framing Japan's exit from deflation as a matter for both the yen and monetary policy signals that Washington sees normalization as overdue rather than destabilizing, which matters because US-Japan coordination has long been a backstop against disorderly currency moves. The explicit warning about sharp, disorderly exchange-rate swings is the notable part: it sets a tolerance threshold without naming one. Whether that coordination holds as policy settings diverge is the open question.