The U.S. can live with a stronger dollar but wants Japan and the European Union to do more to rev up their economies.
That was one takeaway from the weekend gathering here of finance ministers and central bank chiefs from the Group of 20 nations.
“There was hardly any talk about currency policy,” said a Japanese government source.
The joint communique issued at the close of the two-day meeting only affirmed existing “exchange rate commitments.” In April of last year, by contrast, the group had explicitly pledged to “refrain from competitive devaluation” amid criticism from some members, including South Korea, that the Bank of Japan’s monetary easing was driving down the yen.
With the Federal Reserve winding down quantitative easing, the dollar’s recent stand-alone rise amid major currencies is a homegrown phenomenon. There was little mention of that here. >> Read More