The Japanese yen edged sharply higher against its major rivals in early New York deals on Tuesday following remarks by a G7 official that the group's earlier statement on yen was misinterpreted and there are concern about the yen.
The yen spiked higher across the board on official's clarification. The Japanese currency climbed to a 4-day high of 145.47 against the pound around 9:00 am ET.
The yen also advanced to 101.56 against the Swiss franc, 125.11 against the euro and 93.28 against the US dollar around this time. The Japanese currency also edged higher against the resource-linked units, rising as much as 92.88 against the Canadian dollar, 78.16 against the NZ dollar and 95.90 against the Australian dollar around 9:00 am ET.
Earlier in the day, the Group of Seven nations said in a statement that it remained committed to market-determined exchange rate.
"We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates," the group, representing advanced economies, said.
