The Group of Seven major economies said in a joint emergency statement Monday that they were concerned about the sharp rise of yen against the U.S. dollar and other major currencies in the world.
"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," the G7 said in a statement issued by Japan.
The Group of Seven comprises Britain, Canada, France, Germany, Italy, Japan and the United States. The surprise came after the yen hit a 13-year high against the dollar and a six-year peak versus the euro last week.
However, yen barely moved as dealers believed the statement would have little effect on the market as it stated no measures the world's major economies would take to bolster dollar against yen.
On Friday the dollar had dropped to the upper 90-yen level for the first time since August 1995, while the euro slid below 114 yen to levels not seen since December 2002.
Japan's Finance Minister Shoichi Nakagawa earlier warned that "excessive" volatility in the yen exchange rate was destabilizing Asia's biggest economy.
He said the Japanese government will consider additional measures to stop the trend, but failed to elaborate how.
Source: Xinhua
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