Reported 5 months ago
The G7 finance leaders, meeting in Stresa, Italy, reaffirmed their commitment to warn against excessively volatile currency moves, in a nod to Japan's desire to intervene in the market to prevent rapid falls in the yen. Japan's top currency diplomat indicated readiness to step in the market at any time to counter speculative yen moves. The G7 statement reiterated their exchange rate commitments from May 2017, emphasizing the importance of currency market stability, with Japan believing this gives them the freedom to intervene. U.S. Treasury Secretary Janet Yellen cautioned against using currency interventions as a routine tool, emphasizing that they should be rare and well-communicated.
Source: YAHOO