G7 concerned about excess yen volatility

G7 concerned about excess yen volatility
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First Published: Mon, Oct 27 2008. 09 54 AM IST
Updated: Mon, Oct 27 2008. 09 54 AM IST
Tokyo: Japanese Finance Minister Shoichi Nakagawa said finance ministers and central bankers from the Group of Seven said in a joint statement on Monday they were concerned about excessive volatility in the yen and the possible adverse implications for economic and financial stability.
“We reaffirm a shared interest in a strong and stable international financial system,” Nakagawa, reading from the G7 statement, told a news conference.
“We continue to monitor markets closely and cooperate as appropriate,” the statement said.
Nakagawa said he was instructed by Prime Minister Taro Aso at a meeting earlier to take every possible step to stabilise markets and ensure smooth functioning of the financial system.
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First Published: Mon, Oct 27 2008. 09 54 AM IST
More Topics: Market Crisis | G7 | China | Nakagawa | Global Economy |