SENDAI, Japan, May 21 (Reuters) - U.S. Treasury Secretary Jack Lew told his Japanese counterpart Taro Aso in a meeting on Saturday that it is important to refrain from competitive currency devaluation, according to a statement from the Treasury Department.

Lew, who met Aso earlier on Saturday at a Group of Seven summit in Sendai, northeastern Japan, also underscored the Group of 20 commitment to use all policy tools to promote growth, the statement said.

Lew also reinforced the importance of approving and implementing the Trans-Pacific Partnership trade pact, the statement said.

(Reporting by Stanley White; Editing by Chris Gallagher)