Japan explained to G7 yen’s ‘somewhat rapid’ declines – Finance Minister Suzuki
2022.04.21 06:51
FILE PHOTO: Japan’s Olympics Minister Shunichi Suzuki speaks at a news conference in Tokyo, Japan August 3, 2017. REUTERS/Kim Kyung-Hoon
By Leika Kihara
TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Thursday that he explained to his G7 counterparts the yen’s recent “somewhat rapid” declines.
“I believe the G7’s basic thinking on exchange rates remains intact,” Suzuki told a news conference after attending the meeting with his Group of Seven counterparts, held on the sidelines of the International Monetary Fund gatherings.
Currency moves, however, were not the main topic of the G7 finance leaders’ meeting, which focused on discussions over the global economy and Russia’s invasion of Ukraine, he said.
Suzuki said rapid currency moves were undesirable, when asked about the yen’s recent decline to two-decade lows against the dollar.
Bank of Japan (BOJ) Governor Haruhiko Kuroda, who also attended the G7 meeting held in Washington D.C., said excessive exchange-rate volatility could affect business activity.
“It’s desirable for exchange rates to move stably, reflecting fundamentals,” Kuroda said. “The BOJ will carefully watch how currency moves could affect Japan’s economy and prices,” he added.
