Japan, Not China, Emerges as Currency Worry at G-20 Meeting
- Dijsselbloem: Risk is one currency devaluation will spur more
- Kuroda counters that there was no opposition at G-20 meeting
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China’s currency was expected to be one of the the main topics at this week’s Group of 20 meeting. Instead, Japan’s yen and monetary policy were identified as a source of concern for some officials from the world’s leading economies.
"The debate was also about Japan, to be honest -- there was some concern that we would get into a situation of competitive devaluations," Eurogroup chief Jeroen Dijsselbloem said in Shanghai. Once one country devalues it’s currency, "the risk is very large that another follows and we get into competitive devaluation," Dijsselbloem told reporters.