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Finance Minister Shunichi Suzuki and his U.S. counterpart, Treasury Secretary Janet Yellen, agreed Tuesday that volatile exchange rates pose a risk, and pledged to consult and cooperate as appropriate.

“The economic fallout from Russia’s invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability,” they said in a joint statement after meeting in Tokyo. “We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments.”

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