Asia Bizz: Excessive Foreign Exchange Movements Were Agreed To Be Undesirable At The G7 Summit: Japan
The Japanese Finance Minister, Yoshihiko Noda, stated that, it was agreed at the G7 summit that excessive movements in the foreign exchange reserves would be considered as undesirable. Mr. Noda, stated that he had full understanding of the discussions that they had at the G7, and especially when they spoke about the intervention of the Yen in the global market.
For the moment he added that they have not brought up any sort of discussions for the future. It was seen during last month, that Japan had sold out Yen from its market, as the power of the currency soared to intensive heights.
During the rise of the Yen, it had threatened Japan’s export sector considerably as it is still recovering from the recession that it had plunged in from some years now. We can see from here that Japan is in full swing to bring its economy on the track, and as well as the yen too has been brought under the correct trade norms, we wish the yen does better.
