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ECONOMY > External Relations

President’s comment highlights tension between Tokyo, Washington over forex policy

Saturday morning’s Nikkei took up President Obama’s remarks on Thursday, in which he emphasized the importance of “pushing back against either protectionism or competitive currency devaluations, or beggar-thy-neighbor strategies.” The paper noted that since the issue of foreign exchange was not a major discussion topic in the G7 summit, the U.S. leader’s reference to “currency wars” should be taken as a warning from Washington against Tokyo’s purported desire to intervene in the forex market to devalue the yen against the dollar. 

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