NEW YORK (Reuters) - South Korea said that while the Group of 20 nations at their meeting last weekend did not single out Japan for monetary and fiscal measures that have weakened the yen, the group did not exactly endorse Japan’s quantitative easing policy, which in fact stirred controversy, Bloomberg News reported on Tuesday.
“The message from Moscow should not be understood as that the leaders endorsed Japan’s quantitative easing,” Choi Hee Nam, a finance ministry director general, told a briefing in South Korea. “The G-20 also didn’t officially oppose Japan’s policies, but the topic was very controversial.”
The yen has fallen more than 20 percent against the Korean won over the last six months, a big boost for Japanese exporters competing against South Korean manufacturers.
Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish