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ECONOMY > External Relations

U.S., Japan sharply at odds over foreign exchange policy 

Nikkei gave prominent inside-page coverage to remarks made on Monday by an unnamed senior Treasury official, who described the yen’s appreciation against the dollar in the past several months as “orderly.” The daily said in addition to the Treasury Department’s recent decision to put Japan and others on a currency “watch list,” the comment has triggered strong reactions from Japanese officials, who are extremely displeased with Washington’s persistent approach toward dissuading Tokyo from devaluing the Japanese currency. Projecting that Washington’s hard line toward Tokyo on this issue will probably continue in view of the ongoing presidential campaign, the article expressed concern that the schism between the two Pacific states may make it difficult for the G7 to trumpet policy coordination for the global economy at the Ise-Shima Summit. 


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