US and Japan Talk FOREX

The finance ministers of the United States and Japan both reiterated that monetary policies of nations must not be formulated to manipulate FOREX rates.

Secretary of Treasury Jack Lew and Finance Minister Taro Aso were firm on this stand, sources from the US government said.

In the past, Group of Seven finance chiefs agreed that monetary measures should bolster domestic economies without homing in on currency rates.

The two officials said they conform to accords made by the G-7 in relation to exchange rates during the Group’s meeting in Istanbul, Turkey.

They met during the breaks of the two-day Group of 20 finance leaders’ conference.

However, this was initially denied by the Japanese delegation even as the US Department publicized details about the meet.

The two ministers dealt with the currency issue at the point when denigration is increasing in Congress that monetary easing by Tokyo is being utilized to reduce yen’s value against the US dollar.

The US Department of Treasury said they also discussed the global economy’s performance and progress in conciliation for the free trade scheme of the Trans-Pacific Alliance wherein both countries are involved.

The 12 countries belonging to this bloc are hoping to settle the concord which will include 40 percent of the international economy.