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G7 finance ministers meet amid Japan currency questions G7 finance ministers meet to discuss banking reform
(about 14 hours later)
Finance ministers from the G7 group of industrialised nations are meeting amid questions over Japan's monetary policy. Finance ministers from the G7 group of industrialised nations are meeting, with global banking reforms and tax evasion on the agenda.
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". The two-day meeting in Buckinghamshire is being chaired by 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. But Japan's efforts to boost growth are also likely to be high on the agenda.
Earlier this year Japan announced massive stimulus measures that have driven down the value of its currency.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.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.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. The G7 comprises the US, Germany, Japan, the UK, Italy, France and Canada.
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 said the group still wielded "major economic firepower" as they represented around half the global economy between them - although the larger G20 was now the "primary economic forum for setting the global rules of the game".
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.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. Mr Osborne said on Friday that the G7 was a chance to "consider what more monetary activism can do to support the recovery, while ensuring medium-term inflation expectations remain anchored".
The chancellor has faced pressure recently over the pace of the UK's austerity measures.The chancellor has faced pressure recently over the pace of the UK's austerity measures.
International Monetary Fund managing director Christine Lagarde will also be at the talks.
She arrived in London on Wednesday with her team of economists for their regular annual visit to gauge the state of the UK economy.
Also among those attending the meeting will be Mark Carney, the next governor of the Bank of England.
Japan's central bank governor, Haruhiko Kuroda, denied the bank was targeting currency rates.
US Treasury Secretary Jack Lew said the US would "keep an eye" on the yen, now at a four-year low against the dollar.