• G7 will continue to act decisively if speculative fx moves persist
  • Expecting G7 pers to act on statement (well I guess they have)
  • G7 agrees authorities should stay away from markets except in case of emergency
  • Speculative fx moves ruin Japan economy, harm world economy
  • Wants BOJ to keep supplying ample funds to maximise effects of fx intervention
  • Joint fx intervention aimed at curbing speculative moves, not targetting specific levels
  • Was no certain before Friday’s call that G7 would agree on joint intervention
  • G7 action made possible by FinMin Noda’s initiative, good relations with Geithner