ESSEN, Germany (AFX) - US Treasury Secretary Henry Paulson said his Japanese counterpart Koji Omi provided G7 finance ministers and central bankers with a 'favourable' report on the Japanese economy.
Omi reported that Japan is 'on the path to sustainable growth', Paulson told a small group of journalists.
Paulson's remarks echoed similar comments by euro group president Jean-Claude Juncker and German Finance Minister Peer Steinbrueck.
Paulson also reiterated that the yen's level reflects the fundamentals of the Japanese economy.
In combination, Paulson's comments may fuel talk that the Japanese currency will bounce back once evidence of solid economic growth emerges.
Paulson also said that one of the biggest, if not the biggest, priorities of his remaining two years is to get China to revalue its currency much faster.
'It is one of my very most important responsibilities to make China move more quickly, because it's in their interest and the rest of the world's interest,' he said. pan.pylas@thomson.com pp/sw COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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