Finance Minister Kiichi Miyazawa said Wednesday he will probably speak with U.S. Federal Reserve Chairman Alan Greenspan this weekend in San Francisco about internationally concerted efforts to cut interest rates, but the subject is unlikely to be discussed at any length.
Central bank governors, and not finance ministers, are usually responsible for changing interest rates, and Miyazawa told reporters he did not intend to bring up the subject with Greenspan during a planned dinner. Even if Greenspan brings it up, he added, it will not likely become a full discussion.
There is growing pressure in the United States to cut interest rates to help boost falling stock prices.
Miyazawa would meet with Greenspan and U.S. Treasury Secretary Robert Rubin on Friday.