TOKYO, Oct 8 (Reuters) - The Group of Seven rich nations must make a firm commitment to avoiding a currency devaluation "race" as international cooperation is needed to bring currency rates into appropriate ranges, Japan's vice finance minister said.
Speaking on the eve of a G7 meeting, Fumihiko Igarashi, one of the finance minister's two deputies, said in an interview that competitive devaluations would do no good for the world economy but would only benefit speculators.
Igarashi, who is in charge of international affairs, said he hoped the United States, as the holder of the key global currency, would show a certain tolerance on currency issues, which he said were connected to Washington's desire to restore its economy with the help of exports. (Reporting by Tetsushi Kajimoto and Sumio Ito; Editing by Edmund Klamann)