Global finance ministers and central bank chiefs attending the Group of 20 nations (G-20) meeting in Moscow dismissed talk of a currency war over the weekend and said they would "refrain from competitive devaluation."
"There's been lots of talk of currency wars, and we have not seen any such thing as a currency war," Christine Lagarde, managing director of the International Monetary Fund, told journalists on Saturday.
(Read More: G-20 Defuses 'Currency War,' Japan Off the Hook)
Australia's Treasurer Wayne Swan told CNBC the issue was "completely overblown." And Japan's finance minister sounded almost relieved, after his country was spared any criticism, despite pursuing a monetary policy that has led the yen to weaken 21 percent against the dollar since mid-November.