TOKYO (AFX-ASIA) - Finance Minister Kiichi Miyazawa said the countries of the G7 will not change their stance toward the dollar/yen at the upcoming meeting in Washington.
"At the meeting of G7 countries on April 28, member nations will not change their view on the foreign currency policy, which should reflect fundamentals," Miyazawa told reporters at his final conference as finance minister.
He was responding to a question on whether the G7 would accept a weak-yen policy until individual consumption revives.
"Japanese government bonds are selling well and there is no problem for the bonds as financial products," Miyazawa said.
However, he expressed concern over current economic growth. "The current pace of economic growth is not enough as we have huge debt. Unless growth rises more, government bond repayment is tough," he said.
"I think the GDP reading for January to March will be good but my largest concern ... is whether consumption will recover before the U.S. economy falls into a recession."