Yen slips after G7 reiterates stance on exchange rates

LONDON Tue Feb 12, 2013 5:16am EST

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LONDON Feb 12 (Reuters) - The yen fell slightly on Tuesday after the Group of Seven industrialised countries reaffirmed their commitment to market determined exchange rates, which investors took as a green light to drive the Japanese currency even lower.

The dollar edged up to 94.21 yen from around 94.16 yen before the statement was issued.

The dollar had hit 94.465 yen, its highest since May 2010, on Monday after U.S. Treasury Under-secretary for International Affairs Lael Brainard said that the United States supports Japanese efforts to end deflation.

The euro also edged higher to 126.03 yen from around 125.85 yen before the statement. The euro has risen more than 10 percent against the yen since the start of the year as a new administration in Tokyo piled pressure on the Bank of Japan to ease monetary policy aggressively.

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