G7 commits to growth, shuns FX 'devaluation' and 'disorderly' moves

Thu May 26, 2016 9:28pm EDT
 
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ISE-SHIMA, Japan May 27 (Reuters) - The Group of Seven industrial powers expressed concern on Friday about risks to the world economy and pledged to seek strong, sustainable growth.

In a statement ending a two-day G7 summit in central Japan, the leaders also committed to avoiding "competitive devaluation" of their currencies while warning against wild exchange-rate moves. This represents a compromise between Japan, which has threatened to intervene to block sharp yen rises, and the United States, which generally opposes market intervention.

"Global growth remains moderate and below potential, while risks of weak growth persist," the G7 said.

"Global growth is our urgent priority." (Reporting by Tetsushi Kajimoto; Writing by William Mallard; Editing by Chris Gallagher and Sam Holmes)