Incredible G7 statement
For those of you who read my post today on Abenomics it may be of interest how the G7 finance ministers have responded to the stated goal of Japanese currency debasement. I quote the Financial Times
“G7 reaffirms commitment not to devalue currencies for domestic gain
By Chris Giles in Aylesbury
May 11, 2013 4:14 pm
Finance ministers and central bank governors of the Group of Seven rich economies have reaffirmed a commitment not to seek to devalue their currencies for domestic gain.
After an informal two-day gathering in a country house hotel outside London with no communiqué, participants said on Saturday they were reassured by Japan that its revolutionary new economic strategy was not intended to weaken the yen….” http://www.ft.com/intl/cms/s/0/2d194414-ba4a-11e2-a564-00144feab7de.html
In case you don’t have a subscription to the FT, here another link that may be helpful http://www.forexlive.com/blog/2013/05/11/g7-re-assured-that-japan-is-not-deliberately-attempting-to-weaken-yen/
Either way, this statement by the G7 finance ministers and central bankers is anything but the truth and an insult to our intelligence. Judge for yourself if you feel represented by your official.