TOKYO: Japan explained to its G7 counterparts the yen's recent"somewhat rapid" declines, finance minister Shunichi Suzuki said on Thursday , underscoring Tokyo's growing alarm over the currency's sharp fall to a two-decade low against the dollar.
In a statement issued after their meeting, the leaders said they were closely monitoring global financial markets that have been"volatile", but made no direct mention of exchange rates. "I believe the G7's basic thinking on exchange rates remains intact," Suzuki told a news conference after the meeting with finance leaders of the Group of Seven advanced economies, held on the sidelines of the International Monetary Fund gatherings.The yen slightly extended losses from earlier in the day, falling to 128.63 yen per dollar just after the remarks, but was still off a 20-year low of 129.40 hit on Wednesday.
Investors believe the yen has even further to fall, with most betting that even a government intervention wouldn't be enough to turn around the momentum.
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