September 09, 2006	Saturday	Sha'aban 15, 1427

TOKYO, Sept 8: The global economic outlook, high oil prices, IMF reform and possibly exchange rates will be on the agenda for the upcoming G7 meeting of finance ministers in Singapore, Japan said on Friday.

We expect to talk about the global economy, high oil prices and reforms of international financial bodies, such as the IMF, among other topics, said an official at the Japanese finance ministry, asking not to be named.

The yen rose sharply overnight on comments by German Deputy Finance Minister Thomas Mirow that Group of Seven officials would discuss the Japanese currency's recent weakness, particularly against the euro, in Singapore.

However, the Japanese official said that it had not yet been decided whether foreign exchange rates would be discussed although Japanese Finance Minister Sadakazu Tanigaki indicated to reporters here that it might be.

There is no official agreement yet to put it on the agenda but it is possible that the leaders will talk about it, the ministry official said.

In April, the dollar hit a multi-month low against the euro and the yen after G7 finance chiefs urged a more flexible Chinese currency to help tackle global economic imbalances.

Tanigaki is also scheduled to meet his Chinese, Singaporean and Thai counterparts to exchange opinions on the Asian economy on the sidelines of the September 16 Group of Seven meeting.

The G7/G8 have been calling various countries to participate to ensure the discussion reflects the economic climate of the time, said the Japanese official.

After all, we no longer live in an era where the G7's primary task is to talk only about foreign exchange.Japan has been one of the most vocal proponents of reform of the International Monetary Fund.

China, South Korea, Turkey and Mexico are expected to win increased IMF voting rights at the Fund's annual meeting in Singapore on September 19-20.—AFP