Japan seeks to soothe on forex

13 April 2012

JAPAN today raised the prospect of co-ordinated intervention by the Group of Seven countries if currencies stray from so-called fundamentals.

The yen led an assault on the dollar yesterday, triggering share falls in London and New York.

Japanese financial diplomat Zembei Mizoguchi said markets had misinterpreted a G7 call for exchange rate flexibility. The G7 could take joint action if rates deviated from fundamentals, he added.

The dollar was steady against main currencies today.

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