Brussels, 18/03/2011 (Agence Europe) - “In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank (have joined) with Japan, on March 18, in concerted intervention in exchange markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange markets closely and will cooperate as appropriate”, explained the finance ministers and central bankers of the G7 countries in a press release on Friday 18 March. The Japanese central bank is reported to have injected more than 2,000 billion yen into the financial system since the earthquake and ensuing nuclear catastrophe in the country last week to try to stabilise the currency and ensure the markets do not close down but is not having much success. The European countries in the G7 are Germany, France, Italy and the United Kingdom. (M.B./transl.fl)