Yen erases early gains on Japan intervention talks
London
THE yen fell on Monday as Japan, readying to host a Group of Seven meeting, again signalled its willingness to intervene in the market, driving the currency to erase early gains made on disappointing Chinese data.
Vice-Finance Minister for International Affairs Masatsugu Asakawa told the Nikkei newspaper that G-7 and G-20 countries had discussed how to deal with disorderly currency moves, indicating it was a shared understanding that market interventions were justified if exchange rate moves were excessive.
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