Yen surges vs dollar, euro after comment from G7 official

NEW YORK Tue Feb 12, 2013 9:11am EST

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NEW YORK Feb 12 (Reuters) - The yen surged against the U.S. dollar and the euro on Tuesday after a G7 official said its statement about the yen was misinterpreted.

The statement signaled concern about excess moves in the yen.

The dollar traded at 94.28 yen before the comment from the G7 official and fell to a session low of 93.26 after it. It last traded at 93.74 yen, down 0.6 percent on the day, according to Reuters data.

The euro traded at 126.70 yen before the comment from the G7 official and fell to a session low of 125.11 after it. It last traded at 125.74 yen, down 0.6 percent on the day.

The G7 said it remained committed to market-determined exchange rates and added that fiscal and monetary policies should not be directed at devaluing currencies.

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