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The G7 financial chiefs reaffirmed their remarks from May 2017, noting that many currencies have changed with greater volatility this year. They all concurred at the time that their economies and financial stability were being negatively impacted by volatility and erratic exchange rate fluctuations.
The G7 finance ministers and governors of the central banks convened on the eve of the G20 and International Monetary Fund summit in Washington.
Japan fought hard for provisions for sudden exchange rate changes to be included in the G7's common statement. Tokyo intervened in late September to support the yen, claiming that the "rapid one-way" movement of the yen is speculative, after the Japanese yen dropped to 24-year lows versus the US dollar.
The G7 central banks were reportedly "strong in their intention" to maintain price stability and keep an eye on how pricing pressures were affecting inflation expectations, according to the statement.
source: reuters.com
The G7 finance ministers and governors of the central banks convened on the eve of the G20 and International Monetary Fund summit in Washington.
Japan fought hard for provisions for sudden exchange rate changes to be included in the G7's common statement. Tokyo intervened in late September to support the yen, claiming that the "rapid one-way" movement of the yen is speculative, after the Japanese yen dropped to 24-year lows versus the US dollar.
The G7 central banks were reportedly "strong in their intention" to maintain price stability and keep an eye on how pricing pressures were affecting inflation expectations, according to the statement.
source: reuters.com