G-7 Reconfirms Past Forex Agreements

Economy

Schloss Elmau, Germany, June 28 (Jiji Press)--The Group of Seven major powers Tuesday reconfirmed their past agreements on foreign exchange market movements amid the yen's weakness.

"We reaffirm our existing G-7 exchange rate commitments," said a joint statement to wrap up the three-day summit of the G-7 leaders in Schloss Elmau, Germany, from Sunday.

In May 2017, the G-7 finance ministers and central bank heads agreed to work closely to ensure stability of the currency market.

"We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability," the financial officials said in a statement at that time.

Last week, the dollar hit 24-year highs above 136.50 yen, adding fuel to concerns about the yen's downward march.

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