G7 attempts desperately scrambles utterly fails to find unity.Yesterday's G7-shambles was only the beginning.
First, there was the statement co-signed, apparently, by all G7 nations, which appeared to support Japan's efforts to depress the Yen. Accordingly, the Yen fell slightly against the dollar.
Then, headlines on Bloomberg — attributed to "G7 OFFICAL" — suggested that that interpretation was exactly backwards. The statement was supposed to be a condemnation of Japan's alleged currency manipulation. And when that happened, the Yen soared:
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