After a pretty vague statement and no specific mentions of Japan one could be forgiven for thinking that the G7 nations weren’t too fussed about recent volatility in foreign exchange markets. But you’d be wrong. Just hours later the G7 is back on the wires telling us that we had “misinterpreted” earlier statements and that Japan was very much on their minds….
Ok, it seems Japan is very much on G7 minds. Oh wait….. Japan is not just on the G7 agenda. It looks like the G20 event in Moscow this week will also have a strong flavour of Nippon…..
Cue a fairly rapid appreciation of the Yen in currency markets and a nagging feeling that there is a lot of tension behind the scenes at these summits. How long before explicit financial targets become explicit trade protectionism?
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