SCOREBOARD: Currency turbulence

Confused G7 chatter on Japanese easing set the yen on a roller coaster ride overnight.

A Group of Seven statement caused quite a bit of confusion on the USD-JPY rate last night, as the US dollar shot up to ¥94.41 from ¥93.39 (ie the yen weakened) after the statement was taken to support Japan’s recent efforts on the yen. The actual statement, which comes ahead of the Group of 20 meeting later this week, reaffirmed a commitment to market determined exchange rates, with members stating they would not target their exchange rates.


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