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US Treasury Secretary urges Japan to adhere to currency rules

FXstreet.com (Barcelona) - US Treasury Secretary Jacob Lew said ahead of the G7 meeting, which kicks off today in the UK, that Japan should adhere to the international agreement, according to which fiscal and monetary policies should not be directed at devaluing currencies.

The USD/JPY broke above 100 overnight and continues to rise of Friday, which proves a success of Japanese PM Shinzo Abe's bold monetary easing policy, which has been implemented since the beginning of the year.

Jacob Lew did not comment on the recent weakening of the yen but reminded that “domestic tools that are designed to deal with domestic growth are within the bounds of what the international community thinks is appropriate” adding that “policies that are targeted to affect exchange rates are not."

Still, the US Treasury Secretary recognized Japan's need to spur growth but stressed the importance of it being done in accordance with international agreements.

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