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G-7 to renew pledge against currency wars

Kyodo

Financial chiefs from the Group of Seven advanced economies were set to wrap up their two-day meeting by pledging again to refrain from competitive currency devaluations.

The G-7 finance chiefs and central bank governors were expected Saturday to reaffirm their Feb. 12 statement, in which they agreed not to target exchange rates with fiscal and monetary policies.

A similar message was endorsed at meetings of the Group of 20 financial chiefs in late February and April.

Speculation had emerged that the Bank of Japan’s aggressive monetary easing — aimed at doubling its monetary base in two years — might draw criticism or warnings from the other G-7 nations because the unorthodox steps have driven the yen down more than 20 percent against the dollar in less than five months.