G7 'not concerned' about foreign exchange

An official at the Japanese government has claimed the upcoming meeting of the Group of Seven (G7) most industrialised countries will not be preoccupied with foreign exchange rates.

According to the Wall Street Journal, a senior Japanese finance ministry has said the issue of foreign exchange will not be a key agenda at Friday's meeting, despite the fact many currencies are suffering from significant volatility.

"Some people may talk about foreign exchange, but clearly it is not a main issue," the official said.

Finance ministers from the G7 are to meet in Washington to discuss a range of issues aimed at tackling the global economic downturn and putting in place structures that will prevent a similar situation occurring in the future.

Earlier this week, Bank of England executive director Paul Fisher claimed that efforts by the UK government and the Bank of England to stem the fall in value of sterling had proved successful.

He told a committee of MPs that the markets had responded "positively" to the government's measures.

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By Paul Jarvis