The yen dipped to a new record low against the euro on Monday after policy makers at the G7 meeting failed to find a common stance on the weakness of the currency.

The euro hit ¥159 in trading on Monday, although it later slipped back to ¥157.87, while the yen reached a four year low of ¥122.09 on the dollar before recovering to ¥121.75.

Finance ministers warned at the conference that the yen's weakness was not a "one-way bet" but fell short of the common position that some had sought ahead of the meeting.

Traders interpreted the lack of agreed policy as a confirmation that there remains little intention of a wholesale intervention in the value of the currency.

French and German finance ministers have protested at what they say is the market manipulation of the yen's value.

Japanese and US policy makers have argued that the currency's worth is set by the markets and remain more concerned about the value of China's yuan.