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G20 not expected to single Japan out as currency manipulator

As the G20 talks in Moscow progress, various sources report that the draft communiqué on currency manipulation, the main issue discussed at the meeting, will repeat the wording from the first version dated February 11 on avoiding excessive foreign exchange volatility.

Japan is not expected to be mentioned as currency manipulator and it is generally unlikely that the G20 will deviate substantially from the G7 statement which emphasized the need of directing fiscal and monetary policies solely at domestic purposes.

Speaking at the G7 meeting Fed Chairman Ben Bernanke assured: “Consistent with the G7 policy statement, the US is using domestic policy tools to advance domestic objectives.”

Meanwhile, IMF head Christine Lagarde played down the “currency war” concerns: “Yes, the euro has appreciated and yes the yen has depreciated, but that is the result of good policies in the eurozone and looser policy in Japan. There is no major deviation from fair value of major currencies.”

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