February 11, 2013 / 12:50 PM / in 5 years

G7 expected to release statement to cool currency rhetoric

LONDON, Feb 11 (Reuters) - The Group of Seven nations are considering issuing a statement this week reaffirming their commitment to “market-determined” exchange rates in response to heating rhetoric about a currency war, two G20 officials said on Monday.

The two officials, from different countries, said that if agreed, the statement could be released around the time that G20 finance ministers and central bankers meet in Moscow on Friday and Saturday.

“It focuses on a commitment to market-determined exchange rates and (governments) not using policies to drive currencies,” one official told Reuters.

Several countries have reacted with alarm to aggressively expansionary monetary policies urged by Japan’s new government, which have prompted the yen to weaken sharply.

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