The world’s leading finance ministers gave their tacit approval to the soaring US dollar and plunging Japanese yen at the weekend, but international divisions over economic strategy and European banking union remained unresolved.
After an informal gathering of the Group of Seven rich economies outside London, participants reaffirmed their commitment not to use economic policy to seek weaker currencies and did not conclude Japan was breaking that pact yet.
In the meeting with no concluding statement, participants said they were reassured by Japan that its revolutionary new economic strategy was not targeting a weaker yen although there was concern expressed over the level of liquidity flowing around the global economy.
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