Yen edges up

AFP, TOKYO:  The yen ticked up in thin trading against the dollar and euro Friday after the G7 reaffirmed previous commitments not to intervene in foreign exchange markets.
Wrapping up their meeting in rural Japan, the leaders of the Group of Seven agreed to consult closely with each other with regard to actions in currency markets.
“We underscore the importance of all countries refraining from competitive devaluation” of their currencies, the G7 said in a final statement.
“We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial
stability.”
Tokyo has repeatedly threatened to intervene in forex markets to tame a resurgent yen, which hurts Japanese exporters by making their products more expensive overseas.
It last intervened in currency markets around November 2011, when it tried to stem the yen’s rise against the greenback to keep an economic recovery on track after the quake-tsunami disaster earlier that year.

 

Yen edges up

AFP, TOKYO: The yen ticked up in thin trading against the dollar and euro Friday after the G7 reaffirmed previous commitments not to intervene in foreign exchange markets. Wrapping up their meeting in rural Japan, the leaders of the Group of Seven agreed to consult closely with each other with regard to actions in currency markets. We underscore the importance of all countries refraining from competitive devaluation of their currencies, the G7 said in a final statement. We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. Tokyo has repeatedly threatened to intervene in forex markets to tame a resurgent yen, which hurts Japanese exporters by making their products more expensive overseas. It last intervened in currency markets around November 2011, when it tried to stem the yens rise against the greenback to keep an economic recovery on track after the quake-tsunami disaster earlier that year.