-- The Group of Seven nations renewed commitments on foreign exchange policy that refer to the potentially harmful effects of excessive market movements, pledges that offer member states including Japan some latitude to defend their currencies in the face of dollar strength.A G-7 statement released Wednesday in Washington that also condemned Iran’s attack on Israel and Russia’s ongoing war against Ukraine contained a line reaffirming the members’ currency commitments outlined in May 2017.
The reference to the adverse effects of excessive movements essentially leaves the door open to members to step into markets under certain circumstances. Japanese officials will likely see its inclusion in the statement as another success this week as they liaise with allies amid speculation that Tokyo may step into the market to prop up the yen.
The yen has remained under pressure as market participants now see the US-Japan interest rate gap staying wider for longer than previously. The resilient US economy has pushed back prospects of rate cuts by the Federal Reserve, while the Bank of Japan has signaled it won’t raise rates quickly. “We will ensure close coordination of any future measure to diminish Iran’s ability to acquire, produce, or transfer weapons to support its destabilizing regional activities,” the statement said.There’s a Limit to How Far the ECB Can Diverge From the Fed, Vasle Says
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