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TOKYO, Oct. 27 (UPI) -- The Group of Seven nations said Monday the sharp appreciation of the Japanese yen against other major currencies can adversely affect financial stability.
Acting on the request of Japan, which has seen its export-driven economy hit by the rising yen, the G7 in an emergency statement warned, "We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability,'' Kyodo news service reported.
The yen has risen sharply against most major currencies, including the U.S. dollar and the euro, making Japan's exports cost more. This has caused the Tokyo Stock Exchange to nosedive in recent sessions.
Canada's Currency Falls to a Four-Year Low as U.S. Dollar Rises
By Chris Fournier
Oct. 27 (Bloomberg) -- Canada's dollar fell to the lowest since September 2004 as its U.S. counterpart strengthened against most of the world's major currencies.
The Canadian currency is headed for its worst monthly fall since at least 1950, depreciating 17 percent since Sept. 30, as commodity prices and stocks have declined. Crude oil, which weakened to the lowest since May 2007, accounted for 10 percent of Canada's export revenue in 2007. The U.S. is Canada's largest trading partner.
``Markets are still trading in a risk-averse environment and that seems to bode well for the U.S. dollar,'' said Dustin Reid, director of foreign-exchange strategy at RBS Greenwich Capital Markets Inc. in Chicago. ``The Canadian dollar will probably continue to be offered against the U.S. dollar as long as equities trade softly and commodity prices continue to fall.''