Investing.com - Finance policymakers at the G7 agreed to avoid competitive devaluation, but shunned a call by Japan to stimulate economies with fiscal measures while seeking "balanced" fiscal, monetary and structural reform policies to support global growth.
The weekend meeting of the G7 finance ministers and central bank governors in Tokyo reaffirmed that excess volatility and disorderly movements in exchange rates are unwanted and agreed to refrain from competitive devaluation of currencies.
In related news, Finance Minister Taro Aso told reporters in Sendai that he told his U.S. counterpart that Tokyo would go ahead with its plan to raise the sales tax in April 2017, according to press reports.
While Aso repeated Japan's concern that the appreciation of the yen in recent months had been too rapid and could hurt the economy by eroding exporter profits, Treasury Secretary Jacob Lew stuck to his view that it had been "orderly," press reports said.