G20 edges away from currency war; Japan gets a pass

Japan was not singled out for censure as Group of 20 ministers met in Moscow and pledged not to use exchange rates in a bid to boost their economies. The ministers also moved to establish a global set of guidelines for currency manipulation, although some analysts saw the outcome as clearing the way for a further weakening of the yen. "The U.S. could tolerate the yen depreciation, but clearly this is a potential problem insofar as China could interpret it as a possible green light to make its currency weaker," said Domenico Lombardi, a senior scholar at the Brookings Institution.

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