The Group of Seven industrialized economies reiterated their readiness to fight "excess volatility" in currency markets in a statement issued after their two-day meeting in Rome.
However, the familiar phrase, which apparently caused no surprise to market participants as the G7 opted not to single out any specific currency, may cause further woes to Japanese manufacturers already under pressure from the sharp appreciation of the yen.
With the G7 not expressing concerns about the yen's surge, "there is a possibility (it) could rise further" against the dollar and other major currencies, said Osamu Takashima, chief currency analyst at the Bank of Tokyo-Mitsubishi UFJ.