The U.S. Treasury official Lael Brainard backed Japan's attempts to rejuvenate the economy and arresting deflation.
While speaking at Washington yesterday, Brainard said that G7 has committed to floating of exchange rates, except in extra ordinary situations where excess movements require cooperation.
Brainard added that fiscal and monetary policies must be aimed to achieve domestic objectives, rather than focusing on a weaker currency to strengthen exports.
"The G20 needs to deliver on the commitment to move to market-determined exchange rates and refrain from competitive devaluation," Brainard noted.
Brainard's comments pushed the yen lower against other major currencies in late New York Monday.
by RTT Staff Writer
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