G20 finance ministers on Saturday moved to calm fears of looming "economic warfare" on the currency markets, pledging they would not target specific forex rates or devalue currencies to make them more competitive.
Russian President Vladimir Putin speaks to G20 states finance ministers in the Kremlin in Moscow on February 15, 2013. G20 finance ministers have pledged to crack down on corporate tax avoidance and not to target specific exchange rate values that could spark a currency war, the final communique said.
The jitters -- similar to previous disputes with China -- have been set off by Japan's plan of monetary easing to boost inflation and activity by reducing the value of the yen under new Prime Minister Shinzo Abe.
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