Fearing currency war, G7 affirms market orientation

02/12/2013 | Wall Street Journal, The

Responding to Japan's new policies apparently targeting a certain rate of inflation, the Group of Seven said it remains committed to market determination of currency values in a bid to avert a currency war. "We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates," G7 finance ministers and central bank governors said in a statement.

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