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G7 policymakers to tackle disputed currency policies

AFP, Tokyo
Top financial policymakers from the world's seven richest nations will meet this weekend in Florida only to confirm Us, Japanese and European priorities on foreign exchange remain divided, analysts said.
G7 watchers said the finance ministers and central bank governors from the Group of seven will reaffirm their individual economic growth strategies but may just leave their joint statement on currencies as general as the one in the last meeting, in Dubai in september.
"Our feeling is on this occasion probably it will not be all that eventful given that there is somewhat a
stalemate in terms of the interests of major countries," said Paul sheard, chief economist Asia at Lehman Brothers.
Peter Morgan, chief economist at HsBC securities, Japan, agreed that the G7 communique that covers global issues ranging from growth and currencies to poverty and debt would not be much different from the Dubai statement.
"The G7 policy coordination is more a figment of people's imagination," said Morgan. "The countries just do what they would do pretty much anyway."
The United states, which boasts the best economic performance among the G7 states, wants to push
for higher growth from its allies while Europe and Japan are concerned about the negative impact of a falling dollar on their exports.
Japanese officials have said they would stress at the February 6-7 meeting in Boca Raton, Florida the need for currency market intervention to fight a rising yen, which they said did not reflect economic fundamentals.
"The Us, we suspect, is quite happy to see the dollar weaken against the major currencies in orderly fashion, giving them stimulus to growth and helping to correct some of the serious imbalances in the economy," sheard said.
"However, the Asian central
banks are resisting appreciation of their currencies on quite a dramatic scale, with China and Japan being the two major protagonists.
As a result this leaves the euro vulnerable to much of the adjustment desired by the G7 officials. Europeans are not happy about the situation, sheard explained.
The most likely scenario, sheard said, was that exchange rates would be discussed and the Dubai statement might be repeated and nuanced slightly.
"I think the issue is to what extent they will put weight on the notion of currencies reflecting fundamentals versus currencies being determined by the market," Morgan predicted.