THE DIPLOMAT
Global finance chiefs may have denounced it, but that has not stopped Japan joining other central banks in driving its exchange rate lower. With Australia and South Korea forced to respond, will the Asia-Pacific region be the main battleground in a global currency war?
At the latest Group of Seven (G7) meeting near London, the message from the seven industrialized nations’ finance officials was unequivocal: no currency manipulation by members.
Britain’s Chancellor of the Exchequer George Osborne said the G7 would continue its three-month-old pact “not to target exchange rates,” with the German and US finance ministers cautioning Japan over the weakening yen.
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