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G7 fails to reach intervention deal to ease pain of soaring dollar
By Leika Kihara
Reuters
Sunday, October 16, 2022
WASHINGTON -- Japan and other countries facing the fallout from a soaring U.S. dollar found little comfort from last week's meetings of global finance officials, with no sign that joint intervention along the lines of the 1985 "Plaza Accord" was on the horizon.
With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets.
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But the warning, as well as Japanese Finance Minister Shunichi Suzuki's threat of another yen-buying intervention, failed to prevent the currency from sliding to fresh 32-year lows against the dollar as the week came to a close.
While Suzuki may have found allies grumbling over the fallout from the U.S. central bank's aggressive interest rate hike path, he conceded that no plan for a coordinated intervention was in the works. ...
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