G-20 Resists Currency War Crackdown

Group of 20 finance chiefs debated adopting a tougher stance on exchange rates as they prepare to reiterate a pledge against competitive devaluations.

With policy makers meeting in Moscow, the Japanese yen fell after a G-20 official said there isn’t a plan to echo a Group of Seven promise to avoid using policies to target exchange rates. French Finance Minister Pierre Moscovici said he was seeing a “convergence” among participants toward the position on currencies adopted by the G-7.