APEC finance ministers to discuss yen's surge
APEC finance ministers to discuss yen's surge
JAKARTA (JP): The sharp fluctuation of exchange rates, notably the steep surge of the Japanese yen against the American dollar, will be one of the main topics of discussion at the second annual meeting of Asia Pacific Economic Cooperation (APEC) forum's finance ministers in Bali this weekend.
Officials of the organizing committee said yesterday that Indonesia, as the host, wants the meeting to devote a great deal of attention to the high volatility of the yen.
"The presence of American Treasury Secretary Robert Rubin and his Japanese counterpart, Masayoshi Takemura, will provide a good opportunity for the currency problem to be discussed," said one official, who requested anonymity.
Bank Indonesia's Governor Soedradjad Djiwandono declined yesterday to comment on the agenda of the Bali meeting, but he did say that the Indonesian delegation would include one of his managing directors, Boediono.
Rubin was quoted as saying in Washington earlier this week that he would meet separately with Takemura in Bali.
The Indonesian official said discussions on the impact of the yen's steep appreciation since early last month would be quite timely because the two-day meeting was also due to receive reports from the APEC forum's Economic Committee on exchange rate fluctuations.
The 18-member forum has commissioned the Economic Committee to conduct a study on the impact of drastic exchange rate movements on trade and investment.
"We hope the final report will be available for discussion at the Bali meeting, which will be chaired by Finance Minister Mar'ie Muhammad," he added.
The first APEC finance ministers' meeting was held in Honolulu, Hawaii, in the middle of March, 1994.
The finance ministers' meeting at the Grand Bali Beach Hotel is also due to discuss private capital movements in the wake of Mexico's financial crisis last December, which caused apprehension among fund managers with investments in other emerging economies, such as Indonesia, Malaysia, Hong Kong and Thailand.
The meeting, scheduled to be opened by President Soeharto on Saturday, will be attended by finance ministers from Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, the Philippines, Singapore, South Korea, Taiwan, Thailand and the United States. (vin)