Finance chiefs from the Group of 20 economies agreed Thursday that excessive moves in exchange rates are undesirable, according to Finance Minister Taro Aso, who added that the global economy still faces downside risks.
Prior to a two-day gathering in Washington, Aso told U.S. Treasury Secretary Jack Lew that Tokyo had "strong concerns" over one-sided moves in the exchange market after the yen briefly surged to a 17-month high against the U.S. dollar recently.
The finance ministers and central bankers from developed and emerging countries are believed to have also agreed on avoiding competitive currency devaluation, inheriting the position stated in February in Shanghai.