First comments from today's IMF/G7 extra-meeting

11:42CET

We are beginning to get the first reactions off today's extra-meeting by the G7/IMF finance ministers. Coincidence or not, the first to open their mouths are the Japanese. Here is a brief recap on vice Finance Minister Igarashi:

(1) G7 must confirm its will to cooperate on currencies
(2) Wants U.S. to show certain tolerance on currency issues
(3) No change in Japan stance to take firm steps against rapid fx moves
(4) Solo Japan fx intervention has limited impact on fx market
(5) Excessive controls on global capital flows not desireable
(6) Competitive currency devaluations no good for world economy

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