G-7 Countries Agree To Support Japanese Economy


Seven major industrialized nations have decided to support the Japanese economy by stepping into currency markets in an attempt to control instability in Japanese yen. A joint statement from G-7 said that the US, Canada, Britain and the European Central Bank (ECB) would join forces with Japan today in a “concerted intervention” in exchange markets.

Earlier this week, the yen hit a record high against the dollar since the end of the Second World War, adding to concerns over Japan’s recovery. This is the first time for G-7 to jointly intervene in currency markets since 2000. 

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