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G-7 Statements Roil Currency Markets

Conflicting messages on the weakening yen cause Japanese currency to whipsaw.

By Simon Kennedy and Gonzalo Vina, Bloomberg | Updated on February 13, 2013

Group of Seven policy makers roiled the currency markets they sought to calm amid conflicting messages on how much of an economic threat is posed by the weakening yen.

The yen whipsawed as the G-7 appeared at first yesterday to signal joint acceptance of the Japanese currency’s recent drop, only to see its members offer contradictory interpretations of the group’s stance. One G-7 official said there’s concern about excessive moves in the yen, while the U.K. said the group wasn’t singling out an individual country or exchange rate.

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