Japan Finance Ministry’s top currency official Masatsugu Asakawa says that speculative FX moves are “undesirable” and the G-7 and G-20 have agreed that excessive moves are unwelcome.
Asakawa spoke at Japan National Press Club, where he was scheduled to speak on the Panama Papers. Asakawa says that the recent G-7 summit was the first time for the leaders’ declaration to reference exchange rates; says Japan has no objection to refraining from competitive devaluation.
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