G20 will not blame Japan for lower yen

G20 officials will disregard key parts of a currency statement issued this week by the Group of Seven powers, according to a communique drafted for finance leaders meeting in Moscow, and will not single out Japan.

A G20 delegate who has seen the draft — put together by deputy finance ministers for their bosses — said it would also make no direct mention of new debt- cutting targets, something Germany is pressing for but which the US wanted struck out.

If adopted by G20 finance ministers and central bankers’ meeting in Moscow today, the wording will confirm that Japan will escape any censure for its expansionary policies which have driven the yen lower and drawn demands for action from some quarters.