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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Benkea who wrote (27251)	9/25/1999 7:46:00 PM
From: nelli	Read Replies (1) \| Respond to of 99985

Does this mean no G7 intervention? Saturday September 25 7:20 PM ET Japan Agrees To Fresh Economic Stimulus WASHINGTON (Reuters) - Major industrial nations expressed concern Saturday about the effect a rising yen could have on world economic growth, adding that Japan had agreed to implement additional stimulus measures to boost its economy. In a statement released after a meeting of finance ministers and central bankers from the Group of Seven (G7) major industrial nations, the group said Japan had pledged to inject more money into its economy, which should help cap the yen's recent rise. But the statement gave no indication whether Japan's G7 partners are willing to support its recent efforts to rein in the yen by selling it on the open market. The outlook for Japan's economy, the second largest in the world, and the impact of the rising yen on its fledgling recovery figured high on the agenda of the G7 -- Britain, Canada, France, Germany, Italy, Japan and the United States -- at their Saturday meeting. ``We shared Japan's concern about the potential impact of the yen's appreciation for the Japanese economy and the world economy,' the statement said. Japanese authorities had pledged to ``implement stimulus measures until domestic-demand-led growth is solidly in place and, in the context of their zero interest rate policy, to provide ample liquidity until deflationary concerns are dispelled,' the G7 added. The yen has risen about 14 percent against the dollar since early July, a gain large enough to spark fears it could make Japanese exports too expensive and throw Japan's recovery off track. Japan wanted the support of its G7 partners in its battle to tame the high flying yen. But the United States has been reticent about the idea of joint intervention in currency markets and wanted Tokyo to go further to reflate its economy and boost domestic demand. The G7 statement -- which in large parts reflected language recently used by U.S. officials -- also said economic prospects for major industrial nations had improved. But it added that 'we still face a number of challenges' to make the world economy a better and more stable place. dailynews.yahoo.com