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MESEBERG, Germany, May 4 (Reuters) - Japan is watching moves on the foreign exchange market and will act if necessary, Japanese Prime Minister Shinzo Abe said on Wednesday after meeting Germany's Angela Merkel to prepare for an end-May meeting of the Group of Seven (G7) economic powers.
"We are observing the currency market and if necessary we will then have to act," Abe said, adding that Japan had seen speculative moves in the market.
Merkel said there are no winners from competitive currency devaluations, adding that the "comparative stability of currencies to one another is of great value."
Reporting by Gernot Heller; Writing by Paul Carrel; Editing by Janet Lawrence