G-7 Shows Gaps on Currency Tactics as Leaders’ Summit Looms
- Japan again warns that yen trading has been one-sided
- G-7 leaders meet in Mie in Japan’s southwest this week
U.S. Spars With Japan Over Yen at G-7
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Two days of talks between finance chiefs from the world’s biggest advanced economies at a hot springs resort in northern Japan were marked by some of the sharpest dissonance in years between the U.S. and Japan over exchange-rate policies.
The tensions at the gathering of Group of Seven central bank governors and finance ministers highlighted a lingering division between the G-7’s two biggest members over the trading conditions that can justify government intervention in the currency markets. Underscoring the wider challenge of tackling the global slowdown, the policy makers agreed on common risks to the international economy but showed no appetite for laying down a shared strategy to combat the problem.