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G7 ministers set for German talks G7 ministers meeting in Germany
(about 10 hours later)
Europe's concern about the low value of the yen is likely to be a main issue of debate as the Group of Seven (G7) ministers prepare to meet in Germany. Europe's concern about the low value of the yen is likely to be a main issue of debate as the Group of Seven (G7) ministers meet in Germany.
As finance ministers and bank chiefs from the seven biggest economies ready for talks, the European Central Bank (ECB) said the yen remained a concern. As finance ministers and bank chiefs from the seven biggest economies start their talks, the European Central Bank (ECB) had said the yen is a concern.
Ahead of the meeting, ECB boss Jean-Claude Trichet said he still saw the Japanese currency as undervalued.Ahead of the meeting, ECB boss Jean-Claude Trichet said he still saw the Japanese currency as undervalued.
The G7 meeting is being held on Friday and Saturday in the city of Essen.The G7 meeting is being held on Friday and Saturday in the city of Essen.
Export advantage?Export advantage?
The topics up for discussion range from the global economy in general, to global warming and improving stability in world financial markets. The official topics up for discussion range from the world economy in general, to global warming and improving stability in financial markets.
European leaders are concerned that the yen has recently fallen strongly against the euro and the dollar.European leaders are concerned that the yen has recently fallen strongly against the euro and the dollar.
Some commentators say there is a suspicion that Tokyo has been deliberately keeping its currency weak, through the use of low interest rates, to make Japanese exports more competitive. Some commentators say there is a suspicion that the Japanese government has been deliberately keeping its currency weak, through the use of low interest rates, to make Japanese exports more competitive.
The Japanese government denies the suggestion. Tokyo denies the suggestion.
The G7 comprises the US, Canada, the UK, France, Germany, Italy and Japan.
Meanwhile, the Chinese delegation also attending the talks has moved out of the official hotel after complaining it was not up to its standards.
A duty manager at the official hotel, the Sheraton in Essen, declined to comment.