(Bloomberg) — Japan’s Finance Minister Shunichi Suzuki said he discussed recent sudden moves in the yen with U.S. Treasury Secretary Janet Yellen, and the two agreed to uphold existing foreign exchange rate agreements.

“We discussed existing Group of Seven thinking on foreign exchange,” said Suzuki, speaking to reporters late Thursday in Washington D.C. “We’ll respond based on that agreement.”

According to the G-7, foreign exchange rates are determined by market forces. But excessive moves could have negative consequences. Suzuki stated that he had shown Yellen recent movements in the yen, although he refused to comment on intervention.

With the yen at a near two-decade high on Wednesday, these talks are taking place. A weaker yen amplifies the effects of rising commodity prices, which are pinching household budgets and corporate profits.

Suzuki voiced concern at the continued movements in the Japanese yen.

“The government has historically said that sudden moves aren’t desirable,” said Suzuki. “But we’re now seeing sudden moves, and we have to watch the situation carefully with a sense of urgency.” 

After the comments at 128.50, the yen slowed a bit against the dollar. 

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