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Group of 7 Says It Will Let Market Decide Currency Values
Seven top industrial nations, including the United States and Germany, pledged on Tuesday to let foreign exchange markets determine the value of their currencies.
The statement by the Group of 7 prompted relief in Japan , where policy makers have been under fire, accused of unfairly seeking to give their economy a shot in the arm bybringing down the value of the yen. The statement “properly recognizes that steps we are taking to beat deflation are not aimed at influencing currency markets,” said Taro Aso, the Japanese finance minister.
But a Group of 20 official said that the statement was meant to warn Japan not to manipulate its exchange rates in its efforts to lift its moribund economy, and that concerns about Japan’spolicies and the prospect of competitive currency devaluation would be a chief topic at a coming Group of 20 meeting in Russia.
The statement and conflicting follow-ups from economic officials and finance ministries around the world caused confusion on Tuesday, with some market participants interpreting the situation as quelling fears of a so-called currency war and others interpreting it as stokingthem.
The yen climbed against the dollar and the euro as officials voiced their concerns about Japan's policies. In the statement, the Group of 7 nations said they would consult closely to avoid moves that could hurt stability.
We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and thatwe will not target exchange rates,” the Group of 7 said in the statement, which was posted on the Web site of the Bank of England. Britain holds the rotating presidency this year.

Concerns had been mounting in recent weeks about the effects of an ultraloose monetary policy in Japan that has pushed the yen lower against top currencies. The yen's weakness had also prompted talk of a so-calledcurrency war if other parts of the world followed suit in devalution.
Some international economic officials have brushed off the growing accusations of unfair or competitive currency manipulation.
“This increasing talk of currency wars is very much overblown,” Olivier Blanchard, the chief economist at the International Monetary Fund, said in January.
“Countries have to take the right measures toget their own economies back to health.”

But loose monetary policy intended to increase growth often has the effect of devaluing a currency, thus making a given country's exports more affordable and its competitors' exports more expensive.
Over the last few years, emerging market countries like Brazil have openly accused slow-growing advanced countries like the United States of unfairlypushing down the value of their currencies with their aggressive monetary policies.

On Monday, Pierre Moscovici, the French finance minister, said he wanted Europeans to present a common plan this week at the meeting of finance ministers and central bankers of the Group of 20 nations in Moscow.
But the head of the German Bundesbank, Jens Weidmann, said on Monday that the French initiative was a poorsubstitute for policy overhauls that, if adopted, would do more for growth.

Grupo de los 7 dice que va a dejar que el mercado de valores de moneda

Siete principales naciones industriales, entre ellos Estados Unidos y Alemania, se comprometieron el martes a dejar que los mercados de divisas determinan el valor de sus monedas.
La declaración del Grupo de los 7 pida socorro en Japón , dondelos políticos han estado bajo fuego, acusado injustamente de tratar de dar a su economía de un disparo en el brazo bajando el valor del yen. La declaración "reconoce adecuadamente que los pasos que estamos tomando para vencer a la deflación no están destinados a influir en los mercados de divisas", dijo Taro Aso, el ministro de Finanzas japonés.

Sin embargo, un grupo de 20 funcionario dijo que...