MIYAZAWA SAYS POLICY COORDINATION KEY TO CURRENCY
Japanese Finance Minister Kiichi Miyazawa
told a press conference the basic solution to currency
instability among major nations is economic policy
coordination.
    He said that is a time-consuming process as coordination
does not always proceed in a way policy makers envisage. "That
is democracy," he said. Upon that foundation, Miyazawa said,
there must be coordinated intervention. Major nations have
sufficient funds to continue concerted intervention, he added.
    "Without doubt this set-up of coordinated intervention will
continue to operate," Miyazawa said.
    Miyazawa said Prime Minister Yasuhiro Nakasone and U.S.
President Ronald Reagan are likely to reaffirm the Louvre and
Washington Group of Seven (G-7) agreements on currency
stability when they meet later this week.
    Asked whether the dollar is declining against all major
currencies, not only the yen, Miyazawa declined to make any
comments.
    He reiterated that many major nations have undertaken
coordinated intervention in recent weeks to prop up the dollar,
including countries who are not members of the G-7.
 Reuter
