US Secretary Lew Stresses the Importance of Avoiding a Currency War

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.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza