premise: Saturday's G7 statement said that "exchange rates should reflect economic fundamentals (whilst) ... excess volatility and disorderly movements in exchange rates are undesirable for economic growth".
  Analysts said the yen was likely to extend its losses against the dollar but just how far was still unclear.
  The currency market showed little reaction to a firm performance by Tokyo share prices and the release of a quarterly survey by Japan's finance ministry showing strong growth in capital expenditure, dealers said.
  "Judging from fundamentals ... including strong share prices and relatively positive economic data, the recent fall of the yen is apparently overdone," said Commerzbank currency watcher Ryohei Muramatsu.
  "However, the falling momentum of the yen is so strong that market participants disregard news that is positive for the yen," he added.
   What does "the recent fall of the yen" refer to?
hypothesis: economic growth