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G-7 ministers’ meet in Berlin

Japan to seek cooperation for stable dollar
TOKYO. Feb 6: Japanese finance minister Hiroshi Mitsuzuka said Wednesday he would ask other Group pf Seven (G7) industrial nations to cooperate in favour of a stable dollar at a meeting in Berlin, reports AFP.
"Among lots of expected discussions from G-7 nations, we will seek cooperation for the stable dollar on a need-to-do basis." Mitsuzuka told a regular press conference ahead of the G7 finance ministers' meeting.
Mitsuzuka said stability in the foreign exchange market was "important for Japan's as well as the global economy."
Mitsuzuka expressed concern over the current strong dollar against the yen, saying that "the excessively weak yen is as undesirable as an exces-sively strong yen. "
The planned meeting of finance ministers and central bank governors from the G7-nations — Britain. Canada. France. Germany, Italy. Japan and the United States — will start on Saturday.
On Wednesday, the US currency reached as nigh as 123.19 yen. its highest since February 9. 1993 when it closed at 122.35 yen. having dropped from 124.35 the day before.
Dealers said it would be difficult for the G7 finance ministers to reach a consensus to support a weaker dollar.
"With the G7 meeting coming up. market participants are Increasingly confidence that the financial leadert will not agree on a correction in the dollar's bullishness." said a dealer at a
European bank.
Dollar hits new 4-yr high against yen
AP reports says: A shift in investment flows to higher-yielding currencies pushed the US dollar up to a new four-year high against the Japanese yen Thursday.
The dollar was changing hands at 123.72 yen at late afternoon. up 0.70 yen from late Wednesday in Tokyo and also above its late New York level of 123.25 yen.
In Thursday's trading, the dollar ranged between 122.70 yen and 123.97 yen. its highest intraday level since February 8. 1993, when the currency traded above 124 yen.
Selling by interbank players and overseas investors sent the dollar to the day’s low early in the session, but the currency bounced back later on buying by domestic securities companies.
The yen’s continued weakness against the British pound also contributed to the dollar's strength. The pound has appreciated by more than 20 per cent against the yen since last summer. partly because of Britain’s high interest rates.
Traders said the pound's strength was reflecting a shift in investment flows from Japanese financial institutions.
Kenneth Landon, senior currency strategist at Deutsche Morgarf (SrtnTeJ in Tokyo, paid in the past the focus was oh. investing in Australian and New Zee^nd. markets forj|fgh'