Suzuki, Yellen Vowed to Maintain Past Currency Commitments

Politics Economy

Washington, April 22 (Jiji Press)--Japanese Finance Minister Shunichi Suzuki and U.S. Treasury Secretary Janet Yellen Thursday "underscored the importance of maintaining" previous Group of Seven and Group of 20 commitments on exchange rates, the U.S. Treasury Department said Friday.

The two ministers, meeting in Washington, discussed financial market developments, including foreign exchange markets, the department said.

The meeting came as the dollar rose to 20-year highs against the yen this week on widening interest rate differentials between Japan and the United States.

The G-7 major economies previously agreed that exchange rates are determined by the market and that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.

At a press conference Thursday, Suzuki said he gave Yellen numbers to discuss how rapid the yen's recent movements have been. Suzuki also said that he and Yellen agreed that the two countries' currency authorities will communicate closely.

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