Monday, October 27, 2008

G-7 Fails to Halt Yen's Gain After Saying Its Moves `Excessive'

The Group of Seven industrialized nations failed to halt the yen's advance
to near a 13-year high against the dollar after expressing concern about the
currency's ``excessive volatility.''

The G-7 made an unscheduled statement after a request from Japan, Finance
Minister Shoichi Nakagawa said in Tokyo today, adding that his government
was ready to act if needed. The G-7 fell short of pledging concerted action
to halt the yen's gain.

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