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G7 finance ministers meet amid Japan currency questions | |
(about 21 hours later) | |
Finance ministers from the G7 group of industrialised nations are meeting amid questions over Japan's monetary policy. | |
The two-day meeting outside London is being chaired by UK Chancellor George Osborne, who said the focus would be on "how to nurture the recovery". | |
But Japan's efforts to boost growth are likely to be high on the agenda, along with global banking reforms. | |
Earlier this year Japan announced massive stimulus measures that have driven down the value of its currency. | |
That has raised questions about whether the country is directly targeting its exchange rate in order to boost exports. | |
International agreements designed to prevent currency wars say that exchange rates should be set by the market. | |
Japan's central bank governor, Haruhiko Kuroda, denied the bank was targeting currency rates. | |
But US Treasury Secretary Jack Lew said the US would "keep an eye" on the yen, now at a four-year low against the dollar. | |
Mr Osborne, who will be chairing the meeting alongside Bank of England governor Sir Mervyn King, said: "We will be talking about how to nurture the recovery. | |
"There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year." | "There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year." |
He also suggested that greater "activism" on the part of governments and central banks may be called for. | |
The chancellor has faced pressure recently over the pace of the UK's austerity measures. | |