The Japan Finance Minister Azumi said that the Group of Seven countries have come to a decision during a conference call held last Tuesday to strengthen cooperation to suppress the Eurozone debt crisis. Central banks and the G7 Finance Ministers promise to work as one to get a solution to the worsening problem of Greece and Spain.
The rise of yen and the latest turn down in the prices of the Japanese stock market are damaging the economy of their country and that the G7 have come to an agreement to join forces to prevent drastic movement of Forex.
Director of Currency Research for Global Forex Trading (GFT) Kathy Lien says that there is no joint statement that will be issued, and the G7 meeting is a complete disappointment. She also added that “Their lips are sealed which tells us that they are either working on something big or failed to reach an agreement.”
Director Lien is also hoping that at the next G20 meeting the officials will announce much support either from the IMF or from Europe internally.