G7 reaffirmed existing FX agreements-Japan summary

Sat May 21, 2016 1:51am EDT
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SENDAI, Japan May 21 (Reuters) - Finance leaders of the Group of Seven (G7) advanced economies reaffirmed their existing exchange-rate agreements, including not targeting exchange rates and that excess volatility and disorderly currency moves could hurt the economy, Japan said in a summary of G7 discussions issued on Saturday.

The G7 finance leaders "underscored the importance of all countries refraining from competitive devaluation," according to the summary.

The summary included a note saying it "does not officially represent the G7 consensus." (Reporting by Leika Kihara; Editing by Sam Holmes)