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Soaring Japanese yen unsettles G7 | Soaring Japanese yen unsettles G7 |
(10 minutes later) | |
G7 finance ministers and central bankers have expressed concern at the "excessive volatility" in the exchange rate of Japan's currency, the yen. | G7 finance ministers and central bankers have expressed concern at the "excessive volatility" in the exchange rate of Japan's currency, the yen. |
In a statement issued in Tokyo, the G7 said they would co-operate as appropriate to bring stability to battered global markets. | In a statement issued in Tokyo, the G7 said they would co-operate as appropriate to bring stability to battered global markets. |
The yen has risen rapidly as investors flee riskier investments, Reuters news agency notes. | The yen has risen rapidly as investors flee riskier investments, Reuters news agency notes. |
It reached a 13-year high against the US dollar on Friday. | It reached a 13-year high against the US dollar on Friday. |
The yen slipped slightly against the dollar after the G7 comments while Japanese shares remained in negative territory. |