The Group of Seven nations, Korea and Australia share the view recent currency moves have been rapid, a Japanese finance ministry official said on Sunday, adding Japan will act on foreign exchange when needed. Speaking to reporters after a two-day summit of Group of 20 nations in Berlin, the official said he welcomed comments by US President George W. Bush at an Apec meeting in Chile on Saturday that the United States supported a strong dollar.
"From the corridor talk we had with others, I can say other Group of Seven countries, Korea and Australia share the view recent currency moves are rapid," the official said.
Bush told Japanese prime minister Junichiro Koizumi that he is committed to a strong dollar and deficit reduction. US officials have repeated they backed a strong dollar policy, but add rates should be best decided by markets.
"He made clear he supported a strong dollar policy by leaving out the "decided by the market" bit... In the context of rapid currency moves in the past few weeks, I welcome that (Bush) made them (strong dollar comments) in a brisk, understandable way," the official added.
The dollar hit a nine-year low against a basket of currencies on Friday and set a four-year trough on the yen.
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