Japan will be reminded of its pledge not to drive down the yen when Group of 20 finance chiefs meet this week for the first time since the world's third-largest economy intensified its campaign to defeat deflation.
As G-20 finance ministers and central bankers prepare to convene this week in Washington, the U.S. Treasury is saying it will press Japan to refrain from competitive devaluation and European governments are urging it not to become too reliant on fiscal and monetary stimulus.
The yen has fallen against all 16 of its most-traded peers since April 4 when the Bank of Japan surprised investors by doubling monthly bond purchases and setting a two-year horizon for achieving its goal of 2 percent inflation. The salvo leaves foreign policy makers coupling praise for the effort to boost stagnant economic growth with concern it may come at the expense of their exporters if the yen keeps sliding.
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