Juncker said he and President of the European Central Bank Jean-Claude Trichet, EU Economic and Monetary Affairs Commissioner Joaquin Almunia would lead a delegation to China for a dialogue on macroeconomic policies before the end of this year.

On the Japanese yen, the finance ministers also expressed concerns that it too was undervalued.

"As stated by the Japanese authorities, the Japanese economy is on a sustainable recovery path. These developments should be recognized by market participants and be incorporated in their assessments of risks," they said in the statement.

"We note that the euro area is playing its role for an orderly reduction of the imbalances by implementing structural reforms and contributing to a rebalancing of growth," they added.