JAPAN: TOKYO: G7 SUMMIT: ARRIVALS

Описание: (22 Jan 2000) Natural Sound

Finance ministers and central bank governors of the world's leading industrial nations gathered in Tokyo on Saturday to discuss global economic and financial issues, from the state of the world economy to exchange rate policy.

The issues are expected to include curbing the yen's strength and Japan's efforts to keep the country's economy growing.

Prior to the meeting which began Saturday afternoon, Japanese officials stressed their concern over their currency.

It's risen 10 percent against the U-S dollar, to around 105 yen per dollar, over the past year.

As ministers and central bank governors arrived for the G-7 meeting in Tokyo, their Japanese hosts were hoping to focus attention on the continuing rise of their currency.

They're worried that the yen's rise will smother Japan's economic recovery by hurting its mainstay export industries.

However, Tokyo has had some difficulty generating much concern over the yen among the other leaders.

Some market watchers expect G7 leaders to say they share Japan's concern while stopping short of a commitment to intervention.

That language would be similar to what the officials said when they last gathered in September.

And the strength of the yen was not among the topics raised on Friday, when Prime Minister Keizo Obuchi had a brief meeting with U-S Treasury Secretary Lawrence Summers.

Instead, Summers urged Tokyo to continue efforts to deregulate the Japanese economy, including the telecommunications sector, to attract foreign investment and stimulate growth.

He also said he wants to ensure that the economic rebounds in previously crisis-hit parts of the world, including Asia, smooth-out current-account imbalances.

That would bring down trade surpluses in the former crisis economies to the benefit of the United States.

During the meeting, G-7 ministers will also hear from Russian Finance Minister Mikhail Kasyanov.

He's expected to give a short overview of economic conditions in his country.

However, one subject not likely to be discussed during the meeting is who should head the International Monetary Fund.

Officials say it is unlikely the meeting will take up who should succeed Michel Camdessus as managing director of the organisation.

The G-7 countries include Britain, Canada, France, Germany, Italy, Japan and the United States.

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