Finance ministers and central bankers from the world's 20 leading industrial and developing countries Sunday pledged not to target their exchange rates for competitive purposes.[Hong Kong Company Formation, Incorporation, Business Registration]

The two-day meeting in Moscow ended with a joint communique that included a promise the G20 members would "refrain from competitive devaluation" and "resist all forms of protectionism and keep our markets open."

"We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," the statement said.

Speaking at a news conference following the communique's signing, Russian Finance Minister Anton Siluanov said all the G20 nations agreed they need to focus on delivering a strong economic growth rather than "manipulating the markets."

Several investors and politicians have been concerned by recent developments affecting the Japanese yen, which now trades near a three-year low. Japan is facing charges it is trying to lower the value of the yen to stimulate its economy and get an edge over other countries.

[Hong Kong Company Formation|Hong Kong Company Registration]If too many countries try to weaken their currencies for economic gain - sparking a so-called "currency war" - the fragile global recovery could be derailed.

The G20 communique, however, did not single out Japan or the effects of its actions.

"The market will take the G20 statement as an approval for what it has been doing - selling of the yen," said Neil Mellor, currency strategist at Bank of New York Mellon in London. "No censure of Japan means they will be off to the money printing presses."

Chinese Vice Finance Minister Zhu Guangyao was quoted by Xinhua news agency as saying: "Major developed nations (should) pay attention to their monetary policy spillover. The implementation of an excessively relaxed currency policy by major developed countries has an influence on the world economy."

Russia [Hong Kong Company Registration Guide]said the group failed to reach agreement on medium-term budget deficit levels.