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Japan's FM says G7 poised to fight excessive currency moves

08-08-2011 11:18 BJT

TOKYO, Aug. 8 (Xinhua) -- Japan's Finance Minister Yoshihiko Noda said on Monday that excess volatility and disorderly exchange- rate movements were not desirable in global currency markets.

Speaking after an emergency teleconference between financial chiefs and central bankers of the Group of Seven nations, Noda said all leaders were in agreement that market moves should be monitored carefully forthwith.

"We will continue to carefully monitor market moves. We also confirmed the G7 stance on currencies," Noda said following the conference call.

He also added that Japan explained to its G7 counterparts that Tokyo's currency intervention last week was aimed at checking " speculative and disorderly market moves," but avoided mentioning whether Japan's foray into the markets had been fully backed by the G7 financial leaders.

Noda confirmed, however, that debt problems in the single currency eurozone were discussed along with the U.S. ratings downgrade that threatens to further rattle global markets on both sides of the Atlantic.

In a bid to calm international concerns about heightened market volatility, the financial leaders issued a joint statement following the conclusion of their meeting, highlighting their pledge to consult closely together and act appropriately to quell excess volatility in the markets.

"These actions, together with continuing fiscal discipline efforts will enable long-term fiscal sustainability," the statement released before stock markets in Tokyo opened.

"No change in fundamentals warrants the recent financial tensions faced by Spain and Italy. We welcome the additional policy measures announced by Italy and Spain to strengthen fiscal discipline and underpin the recovery in economic activity and job creation," the statement said.

The Group of Seven nations comprise Britain, Canada, France, Germany, Italy, Japan and the United States.

Along with Noda, Bank of Japan chief Masaaki Shirakawa, also spoke on Japan's behalf during the emergency teleconference.

Editor:Wang Xiaomei |Source: Xinhua

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