By Shinya Ajima
WASHINGTON, Oct. 9 (PNA/Kyodo) -- Japan on Friday explained its position on currency intervention to other Group of Seven economies and faced no serious criticism to the action, Finance Minister Yoshihiko Noda said.
The G-7 finance ministers and central bank governors reconfirmed that excessive volatility in the currency market is unfavorable to the global economy and financial system while agreeing that they will cooperate in prodding emerging economies with trade surpluses to shift to a more flexible currency policy, Noda said.
"I explained our currency intervention," Noda told reporters after the G-7 held talks over dinner on the sidelines of the annual meetings of the International Monetary Fund and World Bank. (PNA/Kyodo)
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