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Financial leaders focus on devaluations


Financial leaders focus on devaluations


As Japan said it would continue to intervene to push down the value of the yen, if necessary, currency tensions overshadowed the gathering of finance leaders at the International Monetary Fund and World Bank in Washington.

There are fears of a global round of competitive devaluations as countries try to boost economic growth through exports by reducing the value of their currencies.

Japan said its interventions have been focused on excessive moves in the value of the yen not on trying to increase exports.

Finance ministers from the world’s 20 richest nations have been meeting to lower the simmering currency tensions that threaten the slow and uneven economic recovery.

IMF Managing Director Dominique Strauss-Kahn has said: “What we all want is a rebalancing of the global economy and this rebalancing cannot happen without … a change in the related value of currencies. “

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