TOKYO, Japan (Reuters) – There was no discussion about exchange rates during a G7 meeting of finance ministers and chiefs of central banks, Japanese Finance Minister Shunichi Suzuki told Kyodo News on Sunday.
Suzuki spoke after the G7 meeting, which included the U.S.A., Japan Germany Britain France Italy Canada.
The yen fell to 145 dollars per yen at the end last month. This was the level where the Finance Ministry intervened in the market last fall to support the currency. The yen is now back to 138 dollars per yen.
The weaker the yen, the more it increases energy prices and other imports for consumers and businesses.
Kyodo reported that Suzuki confirmed Japan's unwavering support for Ukraine at a recent press conference.
The Japanese news agency reported that Bank of Japan Governor Kazuo ueda stated there is a strong feeling of uncertainty about the global economy.
Ueda cited the uncertainty surrounding the global economy to justify Japan's ultra-easy monetary policies, even though inflation is above the target set by the central bank.
The BOJ’s loose monetary policy is a major factor in the weakness of the yen, since it contrasts to the tightening that has taken place in the United States and Europe, among other developed economies.