G7 meets to discuss methods to ease fears in markets

By @ibtimes on

The Group of Seven industrialized nations (G7) will hold a conference call at 22:00 GMT on Thursday to discuss methods to allay fears in markets stemming from the devastating 8.9 magnitude quake that was followed by giant tsunami.

The earthquake, which raised concerns of suffering from nuclear disaster due to the increase in the radiation leaks from the reactor number 4 of Fukushima Dai-Ichi power plant, has pushed shares down and boosted the yen to a record high against the dollar, which may require an intervention from the World's richest economies.

So far, the Japanese Finance Minister did not announce his tendency to intervene in foreign exchange market to halt the yen's appreciation, and expectations refer that there will be no decision from the G7 in today's meeting that will mainly take the form of solidarity to Japan which lost more than 10,000 people in addition to various damages.

Join the Discussion