G7 near agreement to halt yen's slide - Kyodo
TOKYO, Sept 29 (Reuters) - The Group of Seven industrial powers are near agreement on coordinating policy to halt the yen's fall against the dollar, Japan's Kyodo news agency reported on Monday from Washington.
Kyodo quoted an unnamed international financial source as saying policy coordination to stem the yen's weakness may be included in a joint statement to be issued at the end of a G7 meeting in Washington on Saturday.
G7 officials will likely agree that the yen's excessive decline will put devaluation pressure on Asian currencies, including the Chinese yuan, throwing global financial markets into further turmoil, Kyodo said.
U.S. monetary authorities are concerned that investors, faced with crises in Asia, Russia and Latin America, will withdraw funds from emerging markets, the source said, noting that a stronger dollar may encourage such an investment flight, the report said.
On Monday, U.S. Treasury Secretary Robert Rubin said Washington's dollar policy remained unchanged, but he also expressed "great concern" over the weak Japanese yen.
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