U.S. Treasury Secretary Jack Lew underscored the importance of avoiding competitive currency devaluation in a meeting Saturday with Japanese Finance Minister Taro Aso, the Treasury Department said.
In their meeting on the sidelines of the gathering of financial chiefs from the Group of 20 economies, Lew said the commitments made in their meeting in Shanghai in February to use all policy tools available to promote growth and “refrain from competitive devaluation” have contributed to confidence in the global economy, it said.
They also discussed “latest developments in Japan’s macroeconomic policies” including a stimulus package plan, the department said without elaborating.
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