G7 statement on currencies

G7 statement on currencies: "G7 statement on currencies
March 18, 2011 - 11:27AM

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The following is a joint statement released today by officials from the Group of Seven industrial nations.

‘‘We, the G7 finance ministers and central bank governors, discussed the recent dramatic events in Japan and were briefed by our Japanese colleagues on the current situation and the economic and financial response put in place by the authorities.

‘‘We express our solidarity with the Japanese people in these difficult times, our readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector.
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‘‘In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on March 18, 2011, in concerted intervention in exchange markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange markets closely and will cooperate as appropriate.’’

The G7 includes the US, Japan, Germany, France, the UK, Italy and Canada.

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