On September 3, 2003, the finance ministers of G7 industrialized countries endorsed "flexibility" in exchange rates, a code word widely regarded as an encouragement for China and Japan to stop managing their currencies. Both countries have been actively intervening in the foreign exchange market to weaken their currencies against the dollar and thereby improve their exports. China and Japan had been seen buying billions of dollars in U. S. Treasury bonds. The G7 statement prompted massive selling of the U. S. dollar and dollar assets. The dollar fell 2% against yen, the biggest one-day drop that year, and U. S. Treasury bonds saw a steep decline in value as well.
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