Japan wants G7 to call for stable currencies
Japan wants the Group of Seven finance chiefs to reaffirm at their meeting next week that volatile exchange rates are bad for the global economy, says Japanese Finance Minister Fukushiro Nukaga.
By Agencies |
TOKYO: Japan wants the Group of Seven finance chiefs to reaffirm at their meeting next week that volatile exchange rates are bad for the global economy, Japanese Finance Minister Fukushiro Nukaga said on Friday.
"It is important to reconfirm at the G7 meeting the shared view that excessive movements in the foreign currency market are undesirable for global economic growth," he told reporters.
Japan's government showed concern last month as the yen spiked to 12-year highs against the dollar, putting pressure on Japanese exporters. The yen has since pulled back slightly amid easing worries about global markets.
G7 finance ministers, who are due to meet in Washington on April 11, have repeatedly said in the past that foreign exchange rates should reflect fundamentals and that excess volatility is undesirable.
The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.
Nukaga said he would like an open exchange of views at the meeting about ways to stabilise financial markets and economies.
"It is important to reconfirm at the G7 meeting the shared view that excessive movements in the foreign currency market are undesirable for global economic growth," he told reporters.
Japan's government showed concern last month as the yen spiked to 12-year highs against the dollar, putting pressure on Japanese exporters. The yen has since pulled back slightly amid easing worries about global markets.
G7 finance ministers, who are due to meet in Washington on April 11, have repeatedly said in the past that foreign exchange rates should reflect fundamentals and that excess volatility is undesirable.
The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.
Nukaga said he would like an open exchange of views at the meeting about ways to stabilise financial markets and economies.
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