G7 Commits to Not Manipulating Currency
AYLESBURY, England -- The Group of Seven leading industrial economies have wrapped up two days of discussions and committed themselves to nurturing the global economic recovery and to not manipulate their exchange rates.
British finance minister George Osborne says Saturday that the G7 reaffirmed their commitment on exchange rates and to make sure policies are "oriented towards achieving domestic objectives."
His comments come amid talk that Japan is targeting a lower yen to help it out of a near two-decade period of stagnation. On Thursday, the dollar breached the 100 yen mark for the first time in more than four years.
However, Japanese officials insist the main motive behind their super-aggressive monetary policy is to turn around their domestic economy.So far, that explanation has been accepted by the country's partners in the G7.
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