Foreign Policy Watch: India-China

G20 pact does not rule out Japan intervention


  1. Japan: G20’s agreement to avoid competitive currency devaluation does not mean Japan cannot intervene in response to one-sided currency moves
  2. Difference: G20 talks about arbitrary intervention, which is different from responding to a one-sided move
  3. Japan’s comments were based on the G20 understanding that long-term manipulation of currencies is undesirable

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