Yellen Shows No Willingness to Consider Intervention for Yen
- Treasury head says G-7 countries committed to market-set rates
- Yellen also slams China over debt restructuring issue
Janet Yellen meets with Shunichi Suzuki, Japan's finance minister, in Tokyo on July 12.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Treasury Secretary Janet Yellen, hours after meeting with her Japanese counterpart, signaled no willingness by the US to support a potential intervention into currency markets to halt the depreciation of the yen against the dollar.
“In general, our view is that countries like Japan, the United States, the G-7 countries, should have market-determined exchange rates,” Yellen told reporters Tuesday in Tokyo. “Only in rare and exceptional circumstances is intervention warranted and we did not discuss intervention.”