Yen Resumes Slide as Finance Chiefs Fail to Single Out Japan
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The yen resumed its historic decline as finance chiefs from the world’s developed nations avoided criticizing Japan for allowing the weakening of the currency to gain an unfair competitive advantage in trade.
The Japanese currency fell as Group of 20 officials debated adopting a tougher stance on exchange rates as they prepared to reiterate a pledge against devaluations. The yen has tumbled about 7 percent versus the dollar this year as new Prime Minister Shinzo Abe seeks more aggressive monetary policy, including the nomination of new Bank of Japan chief. Britain’s pound depreciated as retail sales unexpectedly fell in January.