11.2 C
New York
Sunday, October 24, 2021

Japan finance minister says major nations agree not to target FX levels

Japan finance minister says major nations agree not to target FX levels© Reuters. FILE PHOTO: Taro Aso, Deputy Prime Minister, Minister of Finance and Minister of State for Financial Services of Japan, speaks during the Milken Institute Global Conference in Beverly Hills

By Tetsushi Kajimoto

TOKYO (Reuters) – Japanese Finance Minister Taro Aso said on Friday that major economies have agreed to avoid targeting currency levels for the purpose of trade competitiveness.

Aso made the remark when asked about comments by U.S. President Donald Trump and Treasury Secretary Steven Mnuchin on the strength of the dollar.

Trump said on Thursday he ultimately wants the dollar to be strong, contradicting comments made by Mnuchin one day earlier, saying his comments had been misinterpreted.

“I won’t comment on every single remark of this kind by other countries’ leaders,” Aso told reporters after a cabinet meeting. “G7 and G20 have agreed to not target currency levels for the sake of international competitiveness such as trade. So we need to respond appropriately.”

Bank of Japan Governor Haruhiko Kuroda told reporters in Davos on Thursday there was a shared agreement among Group of Seven advanced economies that currency rates should move stably reflecting economic fundamentals, Kyodo news agency reported.

Aso welcomed Trump’s remark made in an interview in Davos that the United States would stay in the Trans-Pacific Partnership (TPP) if American negotiators were able to create a better agreement.

Since Trump pulled his country out of the TPP a year ago, Japan has worked with 10 other remaining members to create a high level free-trade zone in the region, Aso said.

“It’s no surprise that the United States takes that into account, as we were originally working together. The fact that the United States has such intention should be welcomed.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles