Many observers have brushed aside the latest agreement made by the Group of Seven finance ministers and central bankers in Washington last month.
However, I believe upon careful scrutiny of the latest statement that one can find two changes which cannot be taken lightly.
First, regarding foreign exchange markets, the wording used to single-out the yen in past agreements — "We share concerns about the potential impact of the yen's appreciation," — has given way to the phrase "Exchange rates among key currencies should reflect fundamentals."