Forex Flash: Will the G20 offer clarity or confusion? – UBS

“After this week's G7 hoopla and lingering confusion, markets will be looking to see if the G20 can perhaps offer more clarity. Unfortunately, a larger club has typically been even less likely to produce a consensus, let alone on issues as incendiary as the recent monetary dilemmas.” warns Research Analyst Gareth Berry at UBS.

However, individual countries may try to use the opportunity to target Japan, but with the exception of perhaps South Korea, developing G20 countries at this point don't have a strong enough case to pitch. With the exception of the CNY, exchange rates vs. the JPY are not even at post-crisis lows. “Perhaps officials for now should first wait to see what policies Japan will actually execute, before converging around a unified position.” Berry posits.