	finance ministers agree on need for stability finance ministers from seven major industrialized nations agreed on the need to stabilize currencies at current levels but said more action was needed to reduce trade imbalances and sustain economic growth in a communique issued after a four hour meeting at the u s treasury that ended last night the ministers said the value of the dollar and other currencies was basically correct now and they welcomed new measures planned by the japanese to boost their economy west german finance minister gerhard stoltenberg called it a good meeting and in brief remarks exchanged with reporters other ministers seemed pleased with its outcome shortly after the communique was issued and just as foreign exchange trading opened in tokyo the bank of japan intervened again to prevent the yen rising too quickly the communique said the ministers and governors reaffirmed the commitment to the cooperative approach agreed at the recent paris meeting they agreed however that further actions will be essential to resist rising protectionist pressures sustain global economic expansion and reduce trade imbalances it welcomed the plans set this week by the japan s ruling liberal democratic party to stimulate its economy with what the communique termed extraordinary and urgent measures including an unprecedented front end loading of public works expenditures the meeting of the so called group of seven brought together ministers and central bank governors of the seven major industrial democracies the united states japan west germany france britain italy and canada the communique said the ministers reaffirmed the commitment on cooperation reached in a meeting on february in paris when they had agreed to stabilize foreign exchange rates at the then current levels in the weeks that followed the dollar continued to fall against the japanese yen despite massive dollar purchases by the bank of japan and other central banks and is now trading at around postwar lows japan has come under growing criticism from both the united states and european countries for its only modest efforts to open its markets to outside competition and to reduce its exports the communique said japan affirmed its intention to open domestic markets to foreign goods and services but did not elaborate it said the officials reaffirmed the view that around current levels their currencies are within ranges broadly consistent with economic fundamentals and the basic policy intentions outlined at the louvre meeting reuter 
