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To: Johnny Canuck who wrote (43349)	5/27/2006 11:27:53 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67790

G7 statement didn't seek weaker dollar - Tanigaki 1 hour, 38 minutes ago Group of Seven (G7) industrial nations were not seeking a weaker dollar through a recent statement, Japanese Finance Minister Sadakazu Tanigaki reiterated on Sunday, adding that adjustments in currencies alone would not resolve global imbalances. Noting the April 21 statement issued by G7 finance ministers and central bankers, Tanigaki said to fix global imbalances, the United States needed to promote fiscal consolidation and Europe should enhance structural reforms, while Japan needed to do both. The statement has prompted market speculation that the G7 group saw the need for a decline in the dollar to fix global imbalances as it mentioned the need for greater flexibility and appreciation in emerging economy currencies. But Tanigaki denied such speculation. "There was a misunderstanding that G7 may be seeking a weaker dollar. But the G7 did not say that," Tanigaki said on a Fuji TV program, a view he repeated earlier this month when the dollar declined against major currencies. "Rather than trying to fix the problem with a realignment of exchange rates, the G7 agreed that we should overcome this problem by taking steps like structural and fiscal reforms." Tanigaki said earlier this month that overemphasizing a realignment of exchange rates alone as a means to adjust global imbalances could invite market speculation and deal a blow to the global financial market, thus adversely affecting the world economy.