Yen pushes higher over G20 concerns The yen rose against other major currencies on Wednesday amid caution in the foreign exchange market ahead of a meeting of G20 finance ministers and central bankers in Moscow. The dollar hit a session low of Y92.83 and was 0.2 per cent lower during London trading at Y93.32 while the euro fell to Y124.78 as traders pared their short yen positions amid concerns that Japan could come under fire for its plans to ease monetary policy from its trading partners. Confusion over the attitude of the G7 group of developed nations towards Japan's monetary policy continued to affect trade in the yen, after the group released a statement on Tuesday promising not to target exchange rates but refraining from singling out any members in particular. But a G7 official was later quoted saying anonymously that the statement had been intended to express concern over Japan's actions, causing a sharp rise in the yen. Currency analysts said that any reversal in the yen's weakening trend was likely to be short-lived, however, with few expectations that the G20 meeting would result in any change of policy direction in Japan. "While we have now been told that the G7 wished to signal concern about the excess moves in the yen, with the exception of verbal intervention and closed doors meetings, is it unlikely that any policy measures can be taken to counter it," said Jane Foley, analyst at Rabobank. It is difficult to believe that the Japanese would sign up to any effort to reverse recent yen weakness given that the new government has been at such pains to achieve it. Elsewhere in the currency markets, the euro was climbing back towards $1.35 against the US dollar, rising 0.2 per cent to $1.3485. The single currency continued to build on gains after receiving a boost the previous day when Mario Draghi, president of the European Central Bank, hinted that the central bank would resist any political pressure to take action on the euro's strength. Meanwhile, the UK pound was lower against the US dollar ahead of a keenly-anticipated inflation report from the Bank of England, amid speculation the central bank might lower its growth targets for the UK this year. The pound fell 0.1 per cent to $1.5638.