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G7 ministers meeting in Germany G7 ministers meeting in Germany
(about 8 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 meet in Germany. The Japanese yen and the Chinese yuan were the main talking points as the Group of Seven (G7) ministers met in Germany on Friday evening.
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. As finance ministers from the seven biggest economies gathered in Essen, both the Japanese and Chinese delegates defended the value of their currencies.
Ahead of the meeting, ECB boss Jean-Claude Trichet said he still saw the Japanese currency as undervalued. China, which is joining the talks despite not being a G7 member, said it wanted the yuan to be more flexible.
The G7 meeting is being held on Friday and Saturday in the city of Essen. Both it and Japan have been accused of undervaluing their currencies.
Export advantage? Such a move, which both nations deny, would make their exports artificially competitive on the global market.
The official topics up for discussion range from the world economy in general, to global warming and improving stability in financial markets. 'Increased flexibility'
European leaders are concerned that the yen has recently fallen strongly against the euro and the dollar. While the US is leading the calls for China to allow the yuan to float freely, it is the European Union which sees the yen as currently undervalued.
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. Speaking before the two-day G7 gathering started with a formal dinner on Friday night, Japanese Finance Minister Koji Omi said the yen's current low value simply reflected the country's ongoing economic recovery.
Tokyo denies the suggestion. Meanwhile, China's central bank chief Zhou Xiaochuan said the yuan - which is currently tied to a narrow band against the dollar - would see its flexibility increased.
The G7 gathering will run until Saturday evening.
Official topics up for discussion range from the world economy in general, to global warming and improving stability in financial markets.
The G7 comprises the US, Canada, the UK, France, Germany, Italy and Japan.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. In addition to China, other nations in attendance are Brazil, India, Mexico, Russia and South Africa.
A duty manager at the official hotel, the Sheraton in Essen, declined to comment. Earlier in the day the Chinese delegation moved out of the official hotel after it was said to be not up to their standards.