US Yen Intervention Sparks ECB Criticism Over Lack of Coordination

Bundesbank President Joachim Nagel criticized the US for selling euros without consulting European partners as part of an effort to support the Japanese yen.

Nagel made these comments during a press conference in Asheville, North Carolina, where he was attending a meeting of the Group of 20 finance and central-bank chiefs.

Nagel stated that it would have been desirable to coordinate and consult in advance regarding such interventions, citing customary practice in the past.